<SEC-DOCUMENT>0001104659-23-058983.txt : 20230511
<SEC-HEADER>0001104659-23-058983.hdr.sgml : 20230511
<ACCEPTANCE-DATETIME>20230511130006
ACCESSION NUMBER:		0001104659-23-058983
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230511
DATE AS OF CHANGE:		20230511

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:		23910106

	BUSINESS ADDRESS:	
		STREET 1:		GENERAL HORNOS, NO. 690
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1272ACL
		BUSINESS PHONE:		54-11-4968-4000

	MAIL ADDRESS:	
		STREET 1:		GENERAL HORNOS, NO. 690
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1272ACL

	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>tm2315349d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

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

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the month of May 2023</P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Translation of registrant&#8217;s name into English)</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>General Hornos, No. 690, 1272</B></P>

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

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

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 46%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 28%; text-align: center"><FONT STYLE="font-size: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 14%">
    <P STYLE="border-bottom: black 0.5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">X</P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 14%; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 26%; text-align: center"><FONT STYLE="font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 16%">
</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 46%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 28%; text-align: center"><FONT STYLE="font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 14%">
</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 14%; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 26%; text-align: center"><FONT STYLE="font-size: 12pt">No</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%">
    <P STYLE="border-bottom: black 0.5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">X</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 46%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 28%; text-align: center"><FONT STYLE="font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; width: 14%">
</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 14%; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 26%; text-align: center"><FONT STYLE="font-size: 12pt">No</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%">
    <P STYLE="border-bottom: black 0.5pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">X</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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    <!-- Field: /Page -->

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Telecom
</B></FONT><B>Argentina S.A.</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="#e_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: blue"><B><I><U>1</U></I></B></FONT></A></TD>
    <TD STYLE="text-align: left; width: 91%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="#e_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: blue"><B><I><U>English
    translation of the Unaudited Condensed Consolidated Financial Statements as of March 31, 2023</U></I></B></FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: blue"><B><I>&nbsp;</I></B></P>

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

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="e_001"></A>Telecom
Argentina S.A.</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Unaudited Condensed Consolidated Financial Statements
as of March 31, 2023</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>General Hornos 690</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>(127) Ciudad Aut&oacute;noma de Buenos Aires</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in"><B>$: Argentine peso</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in"><B>US$: US dollar</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in"><B>$209.01 = US$1 as of March 31, 2023</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.45in; text-indent: -0.45in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>AS OF MARCH 31, 2023 AND 2022</U></B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.5in; width: 92%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; padding-top: 6pt; padding-right: 3.5pt; font-size: 10pt; text-align: left"><A HREF="#a_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Glossary of terms</U></B></FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right; width: 10%"><A HREF="#a_001">F-1</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Unaudited consolidated financial statements</U></B></FONT></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-size: 10pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unaudited consolidated statements of financial position</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">F-3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-size: 10pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unaudited consolidated income statements</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><A HREF="#a_003">F-4</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-size: 10pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unaudited consolidated statements of comprehensive income</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><A HREF="#a_004">F-5</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-size: 10pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unaudited consolidated statements of changes in equity</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><A HREF="#a_005">F-6<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-size: 10pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unaudited consolidated statements of cash flows</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><A HREF="#a_006">F-7<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-size: 10pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notes to the unaudited consolidated financial statements</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><A HREF="#a_007">F-8<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-right: 3.5pt; font-size: 10pt"><A HREF="#d_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Operating and Financial Review and Prospects</U></B></FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><A HREF="#d_001">I</A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><A HREF="#d_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Corporate information</U></B></FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_001"></A><B><U>Glossary of terms</U></B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>ADS:</I> Telecom Argentina&rsquo;s
American Depositary Share, listed on the New York Stock Exchange, each representing five Class B Shares.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>ADR: </I>American Depositary
Receipt</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>DFI: </I>Derivate Financial
Instrument</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Fintech:</I> Fintech Telecom
LCC, a Telecom shareholder.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>fintech:</I> Financial technology
services.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Fixed assets: </I>Includes
PP&amp;E, Intangible assets, Goodwill and Rights of use assets.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>La Capital Cable/Ver TV/TSMA:
</I>Names corresponding to limited companies La Capital Cable S.A., Ver T.V. S.A. and Teledifusora San Miguel Arc&aacute;ngel S.A., respectively,
companies that are directly or indirectly associates according to the definition of the General Corporations Law.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>LAD (Ley Argentina Digital):
</I>Argentine Digital Law No. 27,078.</P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>NYSE: </I>New York Stock Exchange<I>.</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>PEN (Poder Ejecutivo Nacional): </I>The executive branch of the Argentine
government.</P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>RMB:</I> Official currency
of Popular Republic of China.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>RT 26</I>: Technical resolution
No, 26 issued by the FACPCE, amended by RT29 and RT43.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Telecom: Telecom Argentina
and its consolidated subsidiaries.</I></P>

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

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

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I><P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: center; text-indent: -62.35pt">TELECOM
ARGENTINA S.A.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current Assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">41,594</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">48,756</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">50,131</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,193</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">48,122</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">45,791</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">25,442</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,783</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inventories</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>5</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,667</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,849</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Assets classified as held for sale</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,149</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,161</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total current assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>175,105</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>137,533</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-Current Assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>3</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">143</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">144</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>4</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,886</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,031</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deferred income tax assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,125</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,009</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,139</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,844</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Goodwill</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>6</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">602,273</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">602,280</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PP&amp;E</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">936,405</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">965,087</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Intangible assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">302,592</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">310,183</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Right of use assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>9</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">79,503</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">76,609</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total non-current assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,934,066</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,967,187</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,109,171</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,104,720</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current Liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">107,124</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">108,655</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Borrowings</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>11</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">180,802</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">163,561</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Salaries and social security payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">37,733</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">45,835</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income tax payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">417</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">382</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other taxes payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>14</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,828</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,089</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Leases liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,267</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,202</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>16</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,474</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,038</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provisions</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>17</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,268</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,206</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>359,913</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>350,968</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-Current Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">365</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">388</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Borrowings</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>11</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">389,068</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">407,594</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Salaries and social security payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>12</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,106</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,344</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deferred income tax liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>13</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">300,091</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">311,894</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other taxes payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>14</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Leases liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>15</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">24,393</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,975</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>16</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,697</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,177</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provisions</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>17</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12,783</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14,187</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>732,534</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>764,613</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,092,447</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,115,581</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EQUITY </B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Equity attributable to Controlling Company</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">996,389</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">969,405</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Equity attributable to non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20,335</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,734</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL EQUITY</B><I>(See Consolidated Statements of Changes in Equity)</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1,016,724</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>989,139</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,109,171</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2,104,720</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of these unaudited consolidated
financial statements.</P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month period<BR>
ended March 31,</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 73%; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>21</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>214,818</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>239,787</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Employee benefit expenses and severance payments</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(51,669)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(49,477)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interconnection and transmission costs </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,408)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,328)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,185)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,602)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,542)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,336)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commissions and advertising</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,517)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,126)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost of equipment and handsets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,968)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,280)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Programming and content costs</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,316)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,316)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bad debt expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,499)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,535)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,668)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,657)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(68,136)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(80,562)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating income (loss)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,090)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,568</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Earnings from associates </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">425</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">245</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Debt financial results</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,916</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,629</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other financial results, net</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,459</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,011</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income before income tax </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,710</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,453</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax benefit</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,773</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28,483</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,510</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,759</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,063</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">724</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">447</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28,483</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,510</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Earnings per share for income attributable to the Controlling Company - Basic and diluted</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1.c</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12.89</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22.32</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of these unaudited consolidated
financial statements.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Note 22 for additional information on operating expenses per function.</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_004"></A><B><U>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</U></B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month period<BR>
ended March 31,</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 75%; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28,483</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,510</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other comprehensive income - Will be reclassified subsequently to profit or loss</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustments (no effect on Income Tax)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(770)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,465)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DFI effects classified as hedges </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(204)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">157</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income Tax effects on DFI classified as hedges and others</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(51)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other comprehensive loss, net of tax</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(898)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,359)</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total comprehensive income for the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>27,585</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,151</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,984</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,448</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">601</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(297)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>27,585</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,151</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of these unaudited consolidated
financial statements.</P>

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><A NAME="a_005"></A><B><U>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</U></B></P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Owners contribution</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Reserves</B></FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 33%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Outstanding<BR>
 shares</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Inflation<BR>
 adjustment </B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Contributed<BR>
 Surplus</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Legal</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Special reserve<BR>
 for IFRS<BR>
 implementation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Facultative<BR>
 (2)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Other<BR>
 comprehensive<BR>
 results</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Retained<BR>
 earnings</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Equity<BR>
 attributable<BR>
 to<BR>
 controlling<BR>
 company</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Equity<BR>
 attributable to<BR>
 non-controlling<BR>
 interest</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Total<BR>
 Equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Capital<BR>
 nominal<BR>
 value<BR>
(1)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Balances as of January 1, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>333,972</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>863,422</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>18,975</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>7,313</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>71,114</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(33,761)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>20,381</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,283,570</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>20,323</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,303,893</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><U>Comprehensive income: </U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;Net income for the period</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">48,063</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>48,063</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">447</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>48,510</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;Other comprehensive loss</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(2,615)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(2,615)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(744)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(3,359)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Total Comprehensive Income (loss)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(2,615)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>48,063</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>45,448</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(297)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>45,151</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -4.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Balances as of March 31, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>333,972</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>863,422</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>18,975</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>7,313</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>71,114</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(36,376)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>68,444</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,329,018</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>20,026</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,349,044</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -4.2pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Balances as of January 1, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>333,972</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>827,171</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>19,943</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>7,313</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>71,849</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(39,997)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(253,000)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>969,405</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>19,734</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>989,139</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><U>Comprehensive income: </U></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;Net income for the period</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">27,759</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>27,759</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">724</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>28,483</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;Other comprehensive loss</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(775)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(775)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(123)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(898)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Total Comprehensive income (loss)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(775)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>27,759</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>26,984</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>601</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>27,585</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -4.2pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -4.2pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>Balances as of March 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>333,972</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>827,171</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>19,943</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>7,313</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>71,849</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(40,772)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(225,241)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>996,389</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>20,335</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>1,016,724</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 21.25pt">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">(1) See Note 20 to these unaudited consolidated financial
statements.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; background-color: white">(2) Correspond to the Voluntary
reserve to maintain the Company's level of capital expenditures and its current solvency level.</P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The accompanying notes are an integral part of these unaudited
consolidated financial statements.</P>

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_006"></A><B><U>CONSOLIDATED STATEMENTS OF CASH FLOWS</U></B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Three-month period<BR>
ended March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding-right: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net income for the period</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,483</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,510</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjustments to reconcile net income to net cash flows provided by operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allowances deducted from assets </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,949</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,081</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation of PP&amp;E</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,058</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61,195</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amortization of intangible assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,585</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,781</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amortization of rights of use assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,218</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,051</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Disposals of fixed assets and consumption of materials</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,156</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings from associates</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.a</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(425)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(245)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial results and others</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(25,081)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(50,199)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,773)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(57)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax paid (*)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(292)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,473)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net increase in assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,913)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(20,276)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net increase in liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,263</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,562</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total cash flows from operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>53,141</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>75,086</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PP&amp;E acquisitions</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,688)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(45,344)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Intangible asset acquisitions</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(852)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,185)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds from dividends</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">300</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds from the sale of PP&amp;E and intangible assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Investments acquisitions not considered as cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(42,740)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(31,120)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total cash flows used in investing activities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(61,279)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(77,294)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,045</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,148</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment of borrowings</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,762)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15,900)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment of interests and related expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,237)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,337)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments of leases liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,536)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,015)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total cash flows from financing activities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,510</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,896</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET DECREASE IN CASH AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(5,628)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(312)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>48,756</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>47,068</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,534)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,821)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>41,594</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>43,935</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 55%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Three-month period</U></B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>ended March 31</U></B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 35%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corresponding to Controlling Company</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(259)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,465)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corresponding to subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(292)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,473)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Note 2.b for additional information on the consolidated statements
of cash flows.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The accompanying notes are an integral part of these unaudited consolidated
financial statements.</P>

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_007"></A><B><U>NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS </U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>AS OF MARCH 31, 2023 AND 2022 (*)</U></B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(In millions of Argentine pesos in current currency, except as otherwise
indicated)</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Page</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt"><A HREF="#b_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 1 &ndash; Basis of preparation of the unaudited consolidated financial statements and significant accounting policies</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#b_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-9</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt"><A HREF="#har_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 2 &ndash; Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-12</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 3 &ndash; Trade receivables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-14</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 4 &ndash; Other receivables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-14</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 5 &ndash; Inventories</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-14</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 6 &ndash; Goodwill</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-15</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 7 &ndash; PP&amp;E</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-15</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 8 &ndash; Intangible assets</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-15</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 9 &ndash; Right of use assets</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-16</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 10 &ndash; Trade payables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-16</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 11 &ndash; Borrowings</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-16</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 12 &ndash; Salaries and social security payables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-18</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#har_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 13 &ndash; Income tax payable and Deferred income tax assets/liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#har_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-18</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 14 &ndash; Other taxes payables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-19</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 15 &ndash; Leases liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-19</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 16 &ndash; Other liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-20</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 17 &ndash; Provisions</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-20</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 18 &ndash; Additional information of financial assets and liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-20</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 19 &ndash; Purchase Commitments</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-22</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 20 &ndash; Equity</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-22</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 21 &ndash; Revenues</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-22</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 22 &ndash; Operating expenses</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-22</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 23 &ndash; Financial results</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-24</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#h_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 24 &ndash; Balances and transactions with Companies under Section 33 - Law No. 19,550 and Related Parties</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#h_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-24</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sub_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 25 &ndash; Restrictions on distribution of profits</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sub_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-25</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sub_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 26 &ndash; Recent developments corresponding to the three-month period ended March 31, 2023</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sub_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-25</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sub_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note 27 &ndash; Subsequent events to March 31, 2023</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sub_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-26</B></FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="b_001"></A><B>NOTE 1 &ndash; BASIS OF PREPARATION
OF THE UNAUDITED</B> <B>CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt"><B>a)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Basis of preparation and significant accounting policies</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 31, 2022, which can be consulted at the Company&acute;s
website (<FONT STYLE="color: Blue"><U>https://institucional.telecom.com.ar/inversores/informacionfinanciera.html</U></FONT>). Therefore,
these unaudited consolidated financial statements were prepared following the same accounting policies as in the most recent annual financial
statements.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 0.34in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Company </B></P></TD>
    <TD STYLE="width: 38%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Main Activity</B></P></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Country</B></P></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Telecom Argentina's<BR>
 direct / indirect <BR>
interest in capital <BR>
stock and votes </B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N&uacute;cleo </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mobile telecommunications Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67.50%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Personal Env&iacute;os</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mobile financial services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67.50%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tuves Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Distribution of television and audio signals direct to home services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67.50%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro Sistemas</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services related to the use of electronic payment media</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pem </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable Imagen </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Closed-circuit television</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Televisi&oacute;n Dirigida </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable television services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adesol (a)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Holding</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Uruguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC Continente Audiovisual </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Broadcasting services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inter Radios </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Broadcasting services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecom USA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecommunication services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Personal Smarthome (b)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Security solutions and services </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Personal Smart Security (b)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Security services and/or related services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Opalker S.A.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cybersecurity and related services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Uruguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NYSSA (c)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Internet Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 5pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 7pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes the 100% interest in Telemas S.A., which holds interests in the
following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visi&oacute;n
Satelital S.A. </FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt; text-align: left"><FONT STYLE="font-size: 7pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">As of March 31, 2023 is a dormant
entity.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 7pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Company acquired on June 1, 2022.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">These unaudited consolidated financial statements
were prepared in current currency as of March 31, 2023 (see item d) on an accrual basis of accounting (except for the statement of cash
flows).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The figures as of December
31, 2022 and for the three-month period ended on March 31, 2022, which are disclosed in these unaudited consolidated financial statements
for comparative purposes, are a result of restating the financial statements as of such dates to values in current currency as of March
31, 2023. This is as consequence of the restatement process of the financial information described in point d). When applicable, certain
reclassifications were made for comparative purposes.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">These unaudited consolidated
financial statements as of March 31, 2023, were approved by resolution of the Board of Directors&rsquo; meeting held on May 9, 2023.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Additionally, Telecom, through Micro Sistemas,
develops activities in the fintech industry in Argentina, which are not analyzed as a separate segment by the Executive Committee and
the CEO, who analyze the consolidated information of companies in Argentina, taking into account that, as of March 31, 2023, activities
of Micro Sistemas are not significant and do not exceed any of the quantitative thresholds identified under IFRS to qualify as reportable
segments. The Executive Committee and the CEO will continue to monitor the evolution of this business to assess its eventual consideration
as a separate reportable segment provided it complies with the requirements established by IFRS to that effect.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 current currency as of the date of each transaction),
considering that the activities of foreign companies are not significant for Telecom. Operations carried out abroad by Telecom do not
meet the aggregation criteria established by the standard to be grouped within the &quot;Services rendered in Argentina&quot; segment,
and considering that they do not exceed any of the quantitative thresholds identified in the standard to qualify as reportable segments,
they are grouped within the category &quot;Other abroad segments&quot;.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Executive Committee and the CEO evaluate the
profitability for each reportable segment based on the measure of the Adjusted EBITDA. Adjusted EBITDA is defined as our net (loss) income
less income taxes, financial results, Earnings (losses) from associates, depreciation, amortization and impairment of fixed assets.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Presented below is the Segment financial information
as it is analyzed by the Executive Committee and the CEO for the three-month periods ended March 31, 2023 and 2022.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Consolidated Income Statement as of March
31, 2023</U></I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 23%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Services<BR>
 rendered<BR>
 in <BR>
Argentina</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Services<BR>
 rendered in<BR>
 Argentina &ndash;<BR>
 Inflation<BR>
 restatement </B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Services<BR>
 rendered in<BR>
 Argentina<BR>
 restated for<BR>
 inflation</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other<BR>
 abroad<BR>
 segments</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other<BR>
 abroad<BR>
 segments &ndash;<BR>
 Inflation<BR>
 restatement</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other abroad<BR>
 segments<BR>
 restated for<BR>
 inflation</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Eliminations</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Revenues </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>188,115</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,634</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>201,749</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,008</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>938</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,946</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(877)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>214,818</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-indent: -0.125in; border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating costs without depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(131,957)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,558)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(142,515)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,590)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(544)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8,134)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">877</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(149,772)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>56,158</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,076</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>59,234</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,418</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>394</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,812</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>65,046</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation,
    amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(68,136)</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating
    loss</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,090)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings from associates</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">425</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Debt financial expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,916</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other financial results, net</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,459</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16,710</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax benefit</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,773</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>28,483</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,759</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">724</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>28,483</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Consolidated Income Statement as of March
31, 2022</U></I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Services<BR>
 rendered<BR>
 in<BR>
 Argentina</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Services<BR>
 rendered in<BR>
 Argentina &ndash;<BR>
 Inflation<BR>
 restatement </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Services<BR>
 rendered in<BR>
 Argentina<BR>
 restated for<BR>
 inflation</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other <BR>
abroad<BR>
 segments</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other<BR>
 abroad<BR>
 segments &ndash;<BR>
 Inflation<BR>
 restatement</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other abroad<BR>
 segments<BR>
 restated for<BR>
 inflation</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Eliminations</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Revenues </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>103,727</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>121,236</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>224,963</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,347</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,552</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,899</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,075)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>239,787</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating costs without depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(66,969)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(81,070)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(148,039)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,482)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,211)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9,693)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,075</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(156,657)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>36,758</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>40,166</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>76,924</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,865</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,341</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,206</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>83,130</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(80,562)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,568</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings from associates</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Debt financial expenses</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,629</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other financial results, net</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,011</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>48,453</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax benefit</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>48,510</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling Company</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,063</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">447</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>48,510</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Additional information
per geographical area required under IFRS 8 (Operating Segments) is disclosed below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As
    of March 31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As
    of December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 61%; padding-right: 1.5pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 11%; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues
    from customers located in Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">201,015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">224,146</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues
    from foreign customers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">13,803</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,641</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a
    </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPEX
    corresponding to the segment &ldquo;Services rendered in Argentina&rdquo;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">23,350</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,769</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a
    </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPEX
    corresponding to the segment &ldquo;Other abroad segments&rdquo;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2,024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,013</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed
    assets corresponding to the segment &ldquo;Services rendered in Argentina&rdquo;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1,852,529</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,883,745</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed
    assets corresponding to the segment &ldquo;Other abroad segments&rdquo;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">68,244</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70,414</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Borrowings
    corresponding to the segment &ldquo;Services rendered in Argentina&rdquo;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">555,488</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">556,467</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Borrowings
    corresponding to the segment &ldquo;Other abroad segments&rdquo;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">14,382</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,688</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>c)</B></TD><TD STYLE="text-align: justify"><B><U>Net earnings per share</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Basic earnings per share is calculated by dividing
the net income attributable to the Controlling 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 attributable to the Controlling Company for the period
by the weighted average number of common shares issued and to be potentially issued at the end of the period. Since the Company has no
dilutive potential common stock outstanding, basic and dilutive earnings per share amounts do not differ.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the three-month periods ended March 31, 2023
and 2022, the weighted average number of shares outstanding amounted to 2,153,688,011.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Since Argentina has been considered a high-inflation economy for accounting
purposes in accordance with IAS 29 since July 1, 2018, the financial information expressed in Argentine pesos is restated in current currency
of March 31, 2023.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0">The table below shows the evolution of the indexes as of March 31, 2023
and 2022 and December 31, 2022 according to official statistics (INDEC) in accordance with Resolution No. 539/18 and the devaluation of
the Argentine peso vs. de US dollar for the same years / periods:</P>

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


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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.75in; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 70%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As of March 31,<BR>
 2022</U></B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As of December 31,<BR>
 2022</U></B></FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As of March 31,<BR>
 2023</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">National Consumer Price Index (National CPI) (December 2016=100)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">676.06</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,134.59</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,381.16</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Variation in prices</U></B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual </FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">55.1%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">94.8%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">104.3%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated 3 months</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">16.1%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">n/a</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">21.7%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Banco Naci&oacute;n US$/$ exchange rate </FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">111.01</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">177.16</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">209.01</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Variation in the exchange rate</U></B></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">20.7%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">72.5%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">88.3%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated 3 months</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">8.1%</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">n/a</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">18.0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company followed the <FONT STYLE="background-color: white">same
restatement policies for items </FONT>identified in the annual consolidated financial statements as of December 31, 2022.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><A NAME="har_001"></A>NOTE 2 &ndash; CASH AND CASH EQUIVALENTS AND
INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS. </B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><B>a)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Cash and cash equivalents and Investments</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Cash and cash equivalents</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash and Banks&nbsp;&nbsp;(1)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,960</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,791</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Time deposits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,002</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19,128</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mutual funds</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,632</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,950</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Government bonds at fair value</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,887</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-bottom: 2.25pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>41,594</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-bottom: 2.25pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>48,756</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As
                                            of March 31, 2023 includes restricted funds for $439 corresponding to the funds to be paid
                                            to clients.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Investments</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; width: 17%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Current </U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Government bonds at fair value</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">50,001</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,059</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mutual funds</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">130</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">134</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>50,131</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>10,193</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Non- current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investments in associates (a)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,138</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,843</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2003 Telecommunications Fund</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8,139</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>7,844</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total investments</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-bottom: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>58,270</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-bottom: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>18,037</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 8pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Information on Investments in associates is detailed below:</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Companies</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Main activity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Country</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Percentage of<BR>
 capital<BR>
stock owned and<BR>
voting rights (%)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Valuation as of<BR>
 03.31.2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Valuation as of<BR>
 12.31.2022</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Ver TV. (1)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cable television station</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">49.00</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">5,190</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">5,030</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">TSMA (1) (2) (3)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cable television station</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">50.10</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,947</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,891</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">La Capital Cable (1) (2)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Closed-circuit television</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">50.00</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,001</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">922</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>8,138</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>7,843</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 6pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Data about the issuer arises from extra-accounting information.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 6pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Direct and indirect interest.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 6pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Despite owning a percentage higher than a 50% of interest, the Company does
not have the control in accordance with the requirements of IFRS.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Three-months period<BR>
 ended</U></B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>March 31,</U></B></P></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ver TV</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">290</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">229</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TSMA</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">La Capital Cable</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">79</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>425</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>245</B></FONT></TD>
    </TR>
  </TABLE>

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

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.85pt; text-indent: -17.85pt"><B>b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT> <U>Additional information on the consolidated statements of cash flows</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 53.85pt; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Changes in assets/liabilities components:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net (increase) decrease in assets</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,459)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,986)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,759)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,526)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,695)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,236</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(28,913)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(20,276)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net increase (decrease) in liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,662</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,659</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries and social security payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,251)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other taxes payables </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,959</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,743</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities and provisions</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,538</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,411</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>17,263</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,562</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Main Financing activities components</I></B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 16%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank overdrafts</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,265</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,364</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,755</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,816</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank and other financial entities loans</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,025</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,291</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,677</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total borrowings proceeds</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>42,045</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>38,148</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,436)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(57)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank and other financial entities loans</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,462)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,747)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,864)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,096)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total payment of borrowings</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(16,762)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(15,900)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank overdrafts</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,252)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,562)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,524)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,629)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank and other financial entities loans</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,113)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,008)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">By DFI, loans&nbsp;&nbsp;for purchase of equipment and others</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,348)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,138)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total payment of interest and related expenses</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(18,237)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(17,337)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><B><I>Main non-cash operating transactions</I></B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 35.45pt">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E and intangible assets acquisition financed with accounts payable</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,477</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,028</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade payables cancelled with borrowings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">647</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,146</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uncollected dividends from Ver TV (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">130</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 8pt">Correspond to the distribution of cash dividends made by Ver TV in March 2023 that are uncollected as
of March 31, 2023.</FONT></TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse; margin-left: 35.45pt">
  <TR>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Three-month period<BR>
 ended</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>March 31</B></P></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Associate</B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Company</B></P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Dividends collected</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Currency of the<BR>
transaction date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current currency<BR>
as of March 31,<BR>
2023</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2022</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ver TV</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">237</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TSMA</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">63</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>300</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><A NAME="har_002"></A>NOTE 3 &ndash; TRADE RECEIVABLES</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31, </U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current Trade receivables</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ordinary receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">66,664</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64,219</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Companies under section 33 - Law No. 19,550 and related parties (Note 24.c)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">294</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">274</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Contractual asset IFRS 15 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance for doubtful accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,861)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,732)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,122</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,791</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current Trade receivables</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ordinary receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">137</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">135</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Contractual asset IFRS 15 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>143</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>144</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total trade receivables, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,265</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,935</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 17%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the fiscal year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(18,732)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(23,226)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,499)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,535)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,766</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,741</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM and currency translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,604</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,295</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(18,861)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(22,725)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><A NAME="har_003"></A>NOTE 4 &ndash; OTHER RECEIVABLES</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31, </U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current Other Receivables</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prepaid expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,588</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,667</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Guarantee of financial operations</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,607</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,940</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax credits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,500</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,619</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Companies under section 33 - Law No. 19,550 and related parties (Note 24.c)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">285</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">416</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DFI</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">142</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Indemnification assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">82</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,007</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,827</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance for other receivables</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(766)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(912)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25,442</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23,783</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-Current Other Receivables</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prepaid expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,026</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,100</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DFI</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">83</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">245</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax credits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">764</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">675</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,886</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,031</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total other receivables, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>27,328</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25,814</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(912)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(874)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(31)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM and currency translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">134</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(766)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(771)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><A NAME="har_004"></A>NOTE 5 &ndash; INVENTORIES</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile handsets and others</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,273</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,445</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance for obsolescence of inventories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(606)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(596)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total inventories</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,667</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,849</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(596)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(766)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(30)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decreases</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(606)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(769)</B></FONT></TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 5; Value: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: bold 10pt Arial, Helvetica, Sans-Serif">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B><A NAME="har_005"></A>NOTE 6 &ndash;
GOODWILL</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; padding-right: 3.5pt; padding-left: 3.5pt; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-size: 8.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina (1)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">600,244</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">600,239</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abroad (2)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,029</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,041</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total goodwill</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>602,273</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>602,280</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 10.75pt">(1)</TD><TD>The variation corresponds to the increase in the value of the goodwill of NYSSA acquired in the year 2022 due to contractual modifications
during the current period.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 10.75pt">(2)</TD><TD>The variation in the amounts with respect to balance as of December 31, 2022 corresponds to temporary currency translation adjustments.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><A NAME="har_006"></A>NOTE 7 &ndash; PP&amp;E</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">947,796</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">977,078</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance for obsolescence and impairment of materials</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,200)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,052)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment allowance of PP&amp;E</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,191)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(939)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total PP&amp;E</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>936,405</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>965,087</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>977,078</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,084,894</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAPEX</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,339</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,344</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(512)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,775)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net carrying value of decreases and consumption of materials</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(51)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(486)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation of the period</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,058)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(61,195)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>947,796</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,051,782</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(11,052)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(11,202)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Increases)/Decreases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">849</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(219)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustments</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10,200)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(11,407)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(939)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,841)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(252)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,084)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,191)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,925)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><A NAME="har_007"></A><B>NOTE 8 &ndash;
INTANGIBLE ASSETS</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intangible assets </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">315,822</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">323,413</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment allowance</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,230)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,230)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total intangible assets</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>302,592</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>310,183</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>323,413</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>364,557</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAPEX</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,035</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,438</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(41)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(370)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net carrying value of decreases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,781)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization of the period</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,585)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,781)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>315,822</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>344,063</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 10 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: bold 10pt Arial, Helvetica, Sans-Serif">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(13,230)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(22,824)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,187)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uses</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,781</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(13,230)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(13,230)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B><A NAME="har_008"></A>NOTE 9 &ndash;
RIGHT OF USE ASSETS</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leases rights of use</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sites </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,036</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,385</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Real estate and others</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,304</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,453</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Poles</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,424</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,783</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Indefeasible right of use</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,000</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,099</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Asset retirement obligations</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,739</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,889</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total rights of use assets</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>79,503</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>76,609</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>76,609</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>79,236</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,154</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,591</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net carrying value of decreases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(670)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(24)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(402)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization of the period</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,218)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,051)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>79,503</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>76,704</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B><A NAME="har_009"></A>NOTE 10 &ndash;
TRADE PAYABLES</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Suppliers </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105,158</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106,236</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Companies under Sect. 33&ndash;Law No. 19,550 and Related Parties (Note 24.c)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,966</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,419</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>107,124</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>108,655</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Suppliers </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">365</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">388</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>365</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>388</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total trade payables</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>107,489</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>109,043</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B><A NAME="har_010"></A>NOTE 11 &ndash;
BORROWINGS</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse; margin-left: 7pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31, </U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-size: 9pt">Bank overdrafts &ndash; principal </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,518</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,264</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-size: 9pt">Bank and other financial entities loans &ndash; principal</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,411</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,780</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-size: 9pt">Notes &ndash; principal</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58,008</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,706</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DFI</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,584</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,414</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest and related expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,277</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41,374</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>180,802</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>163,561</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-size: 9pt">Notes &ndash; principal</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">224,871</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">220,422</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-size: 9pt">Bank and other financial entities loans &ndash; principal</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">111,490</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">124,883</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-size: 9pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,251</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,423</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-size: 9pt">Interest and related expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,456</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56,866</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>389,068</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>407,594</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total borrowings</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>569,870</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>571,155</B></FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Balances at<BR>
 the beginning <BR>
of the year</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Cash <BR>
Flows</U></B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Accrued<BR>
 interests</U></B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Exchange<BR>
 differences,<BR>
 currency<BR>
 translation<BR>
 adjustments<BR>
 and others </U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Balances as<BR>
 of March 31,<BR>
 2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Bank overdrafts </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">9,264</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">28,265</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(4,011)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>33,518</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Bank and other financial entities loans &ndash; principal </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">173,663</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(11,437)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(5,325)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>156,901</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Notes &ndash; principal </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">278,128</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">10,319</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(5,568)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>282,879</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">DFI</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">23</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(913)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">894</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Loans for purchase of equipment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">11,837</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,864)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(138)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>9,835</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Interests and related expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">98,240</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(17,659)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3,109</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3,043</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>86,733</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total as of March 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>571,155</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6,711</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3,109</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(*)&nbsp;&nbsp;&nbsp;&nbsp;(11,105)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>569,870</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total as of March 31, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>632,940</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>4,290</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>409</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(**)&nbsp;&nbsp;&nbsp;&nbsp;(27,852)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>609,787</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(*) Includes $647 of loans that do not represent cash movement.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(**) Includes $3,146 of loans that do not represent cash movement.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Most of the bank and other financing entities loans
subscribed by the Company contain compliance ratios which are usual for this kind of agreements. As of March 31, 2023, Telecom has complied
with them.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>a)</B></TD><TD><B>Notes</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 36.95pt; text-indent: -36.95pt"><B><I><U>Telecom Argentina</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Global Programs for the issuance of Notes</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In connection with the Notes Global Program for
a maximum outstanding amount of US$3,000 million or its equivalent in other currencies, the Company announced the subscription of new
series of notes. The amount of the Notes finally issued and its main characteristics are detailed below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 5pt 3.5pt; width: 7%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Series</B></FONT></TD>
    <TD STYLE="padding: 5pt 3.5pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="padding: 5pt 3.5pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Amount<BR>
 involved</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(in millions)</B></P></TD>
    <TD STYLE="padding: 5pt 3.5pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Issuance<BR>
 date</B></FONT></TD>
    <TD STYLE="padding: 5pt 3.5pt; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Maturity date</B></FONT></TD>
    <TD STYLE="padding: 5pt 3.5pt; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Amortization</B></FONT></TD>
    <TD STYLE="padding: 5pt 3.5pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest rate</B></FONT></TD>
    <TD STYLE="padding: 5pt 3.5pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest<BR>
 payment<BR>
 date</B></FONT></TD>
    <TD STYLE="padding: 5pt 3.5pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Unpaid<BR>
 portion</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(in millions)</B></P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$ linked</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62.4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02/10/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02/10/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In one installment at maturity date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed rate of 1.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly basis</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,990</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>b)</B></TD><TD><B>Bank and other financing entities loans</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Below are the main updates related to the loans reported in Note 13
to the consolidated financial statements as of December 31, 2022:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>China Development Bank Shenzhen Branch (&ldquo;CDB&rdquo;) Loan</U></I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the current period the Company has subscribed
new tranches for a total of RMB 49 million, equivalent to $1,348.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the current period, the Company had additions
for US$0.8 million, equivalent to $154.During April, 2023, the Company had additions for US$1 million, equivalent to $214.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I><U>Banco Santander Argentina S.A. Loan (&ldquo;Santander&rdquo;)</U></I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During March, 2023, the Company executed an addendum
to Santander loan signed on March, 2022 for a total amount of $3,500, and agreed to change the principal maturity amortization schedule
whose maturity was on March 9, 2023, by deferring it to July 10, 2023. Additionally, a new fixed interest rate of 73.5% annual nominal
was renegotiated. This transaction was recognized as a debt refinancing, recognizing a loss of $312 that is included in &ldquo;Financial
debt renegotiation results&rdquo; item, within Debt financial results.</P>

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


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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt"><B><A NAME="har_011"></A>NOTE 12 &ndash;
SALARIES AND SOCIAL SECURITY PAYABLES</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 59.55pt; text-align: left; text-indent: -59.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31, </U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U></U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><B><U>Current</U></B></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries, annual complementary salaries, vacation, bonuses and their social security payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,948</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,687</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Termination benefits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,785</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,148</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>37,733</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,835</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Termination benefits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,106</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,344</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,106</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,344</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total salaries and social security payables</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>40,839</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>49,179</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B><A NAME="har_012"></A>NOTE 13 &ndash; INCOME TAX PAYABLE
AND DEFERRED INCOME TAX ASSETS/LIABILITIES</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Income tax payable by company is presented below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31, </U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31</U>,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">N&uacute;cleo</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">297</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">306</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adesol</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pem</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Opalker</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NYSSA</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Telecom USA</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 0.5in; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>417</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>382</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 70%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax loss carryforward</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,957)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(37,015)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance for doubtful accounts</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,741)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,934)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,616)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,669)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E and Intangible assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">255,067</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">260,477</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash dividends from foreign companies</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,276</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,967</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 9pt">Income tax inflation adjustment deferral effect</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65,013</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100,115</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 9pt">Other deferred tax liabilities (assets), net</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,188)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,975)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>Total deferred tax liabilities, net</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>297,854</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>309,966</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Actions for recourse tax receivable</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(888)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,081)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total deferred tax liability, net </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(*)&nbsp;&nbsp;&nbsp;296,966</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>308,885</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net deferred tax assets </B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,125)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,009)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;Net deferred tax liabilities </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>300,091</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>311,894</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 14.2pt"><FONT STYLE="font-weight: normal">(*) Includes $9
of currency translation adjustments on foreign subsidiaries&rsquo; initial balances.</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">As
of March 31, 2023, Telecom and some subsidiaries have cumulative tax loss carryforwards of approximately $25,847 (including $68 of unrecognized
tax loss carryforwards for considering them non-recoverable), that calculated considering statutory income tax rate, represents a deferred
tax asset of approximately $8,957.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 78%; border-collapse: collapse; margin-left: 35.45pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Tax loss carryforward<BR>
 generation year</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Tax loss carryforward<BR>
 amount as of 03.31.2023</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Tax loss carryforward<BR>
 expiration year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecom</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,686</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telem&aacute;s (*)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2019</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">461</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro Sistemas</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">240</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro Sistemas</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,432</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro Sistemas</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">882</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Televisi&oacute;n Dirigida</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 13.3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25,847</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">(*) This company is consolidated in
the financial statements of Adesol.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 9; Value: 10 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: sp3 -->
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month period ended March 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 71%; padding-right: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income before income tax</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,710</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,453</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-taxable items &ndash; Earnings from associates</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(425)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(245)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-taxable items &ndash; Other</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(437)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">278</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Restatement in current currency of Equity, goodwill and other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110,278</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85,572</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>126,126</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>134,058</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective income tax rate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34.74%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34.89%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income tax expense at statutory tax rate of each subsidiary</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(43,816)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(46,769)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred tax liability restatement in current currency and other</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">89,965</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80,477</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax inflation adjustment</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,537)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,255)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax on cash dividends of foreign companies</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(839)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(396)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income tax benefit(*) </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,773</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>57</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current tax </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(80)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22,405)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred tax </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,853</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,462</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income tax benefit </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,773</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>57</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(*) In 2022 includes $22,630 corresponding to the adjustment made in
the Income tax affidavit of 2021, which includes, among others, the effects related to the full application of the tax inflation adjustment
mechanisms detailed in Note 15 to the consolidated financial statements as of December 31, 2022.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="h_001"></A><B>NOTE 14 &ndash;OTHER TAXES PAYABLES</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31, </U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other national taxes </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,190</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,944</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provincial taxes</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">637</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,143</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal taxes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,001</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,002</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,828</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,089</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non- current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provincial taxes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>31</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>54</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total other taxes payables</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,859</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,143</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="h_002"></A><B>NOTE 15 &ndash; LEASES LIABILITIES</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31, </U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,993</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,929</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abroad</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">274</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">273</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,267</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,202</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non- current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,043</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,921</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abroad</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,350</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,054</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>24,393</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>23,975</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total leases liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 1.9pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>35,660</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>35,177</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Movements in Leases liabilities
are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 64%; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the fiscal year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>35,177</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>44,857</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases (*)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,154</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,591</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial results, net (**)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,295</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,866</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,536)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,015)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decreases (included RECPAM and currency translation adjustments)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,430)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,955)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>35,660</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>40,344</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(*) Included in Rights of use assets acquisitions.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(**) Included in Other exchange differences and Other interests, net
and other investments results.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="h_003"></A><B>NOTE 16 &ndash; OTHER LIABILITIES</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred revenues on prepaid credit</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,888</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,188</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred revenues on connection fees and international capacity leases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,342</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,642</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">246</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">240</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Advances received for assets held for sale</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">426</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">572</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">968</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,474</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,038</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred revenues on connection fees and international capacity leases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">901</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,018</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pension benefits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,150</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,070</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">613</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">631</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Advances received for assets held for sale</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">426</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,697</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,177</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total other liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,171</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,215</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="h_004"></A><B>NOTE 17 &ndash; PROVISIONS</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Balances as <BR>
of December<BR>
 31, 2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Additions</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Reclassifications</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Payments</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RECPAM and<BR>
 currency<BR>
 translation<BR>
 adjustments</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Balances</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>as of<BR>
    March 31,<BR>
 2023</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Capital</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(i)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Interest<BR>
    (ii)</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; width: 26%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legal Claims and contingent liabilities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,206</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">283</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">797</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(462)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(556)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,268</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; font-weight: bold; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total current provisions</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,206</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>283</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>797</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(462)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(556)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,268</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non- Current</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legal Claims and contingent liabilities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,921</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,077</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">376</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(797)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(945)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,632</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset retirement obligations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,266</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,115)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,151</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; font-weight: bold; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total non-current provisions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14,187</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,077</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>376</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(797)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,060)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12,783</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; font-weight: bold; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; font-weight: bold; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total provisions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17,393</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,360</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>376</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(462)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,616)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16,051</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Balances as <BR>
of December<BR>
 31, 2021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Additions</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Reclassifications</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Payments</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>RECPAM and<BR>
 currency<BR>
 translation<BR>
 adjustments</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Balances</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>as of<BR>
    March 31,<BR>
 2022</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Capital</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(i)</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Interest<BR>
    (ii)</B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legal Claims and contingent liabilities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,089</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">764</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,030)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(655)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,282</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; font-weight: bold; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total current provisions</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,089</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>114</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>764</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,030)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(655)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,282</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non- Current</U></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legal Claims and contingent liabilities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14,485</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">799</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(764)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(953)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,614</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset retirement obligations</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,219</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,142)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,077</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; font-weight: bold; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total non-current provisions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>22,704</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>799</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>47</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(764)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,095)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20,691</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; font-weight: bold; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; font-weight: bold; text-align: right; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total provisions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27,793</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>913</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>47</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,030)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,750)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>24,973</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 11.35pt"></TD><TD STYLE="width: 17pt; text-align: left"><FONT STYLE="font-size: 8pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Charged to Other operating expenses.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11.35pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-size: 8pt">(ii)</FONT></TD><TD><FONT STYLE="font-size: 8pt">Charged to Other financial results, net - Other interests, net and other investments results.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="h_005"></A><B>NOTE 18 &ndash; ADDITIONAL INFORMATION OF FINANCIAL
ASSETS AND LIABILITIES</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Financial assets and liabilities denominated
in foreign currencies </U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Financial assets and liabilities denominated in
foreign currencies as of March 31, 2023, and December 31, 2022 are the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>03.31.2023</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12.31.2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>In equivalent millions of Argentine pesos</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,433</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,058</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(527,815)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(539,395)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(483,382)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(482,337)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In order to reduce this net position (debt) in
foreign currency, Telecom has DFI as of March 31, 2023 amounting to US$65 million, therefore the net liability not hedged amounts to approximately
US$2,248 million as of that date.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Offsetting of financial assets and financial
liabilities in scope of IFRS 7</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The information required by the
amendment to IFRS 7 as of March 31, 2023 and December 31, 2022 is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As of March 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 55%; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade<BR>
 receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other<BR>
 receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade<BR>
 payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other <BR>
liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current and non-current assets (liabilities) - Gross value</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,246</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,038</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(110,470)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,452)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offsetting</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,981)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(616)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,981</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">616</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 5.4pt; font-size: 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current and non-current assets (liabilities) &ndash; Book value </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>48,265</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,422</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(107,489)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,836)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As of December 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 55%; padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade<BR>
 receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other<BR>
 receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade<BR>
 payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 5.4pt; font-size: 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other<BR>
 liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current and non-current assets (liabilities) - Gross value</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,902</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,109</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(112,010)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,385)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offsetting</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,967)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(555)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,967</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">555</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 5.4pt; font-size: 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current and non-current assets (liabilities) &ndash; Book value </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>45,935</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,554</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(109,043)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,830)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Fair value hierarchy and other disclosures</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The measurement at fair value of the financial
instruments of Telecom are classified according to the three levels set out in IFRS 13:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Level 1: Fair value determined by quoted prices (unadjusted) in active markets
for identical assets or liabilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Level 2: Fair value determined based on inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly (e.g. as prices) or indirectly (e.g. derived from
prices).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Level 3: Fair value determined by unobservable inputs where the reporting
entity is required to develop its own assumptions.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Financial assets and liabilities recognized at
fair value as of March 31, 2023 and December 31, 2022, and the level of hierarchy are listed below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 55%; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>March 31, 2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mutual Funds (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,369</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,369</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government bonds (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,001</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,001</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: DFI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: Indemnification assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: DFI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">83</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">83</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>60,370</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>264</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>60,634</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">246</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">246</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings: DFI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">613</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">613</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>863</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>863</B></FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; width: 55%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mutual Funds (1) </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,024</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,024</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government bonds (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,946</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,946</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: DFI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">142</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">142</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: Indemnification assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: DFI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>22,970</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>430</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23,400</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">240</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">240</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings: DFI</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">631</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">631</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>894</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>894</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">(1)</TD><TD>Mutual Funds are included in Cash and cash equivalents, Investments and Guarantee of financial operations included in Other receivables.
Government bonds are included in Cash and cash equivalents and Investments.</TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In relation to the fair values set forth above,
as of March 31, 2023, there were no changes in the methods and assumptions used with respect to what was reported in Note 22 to the consolidated
financial statements as of December 31, 2022.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company also has certain financial instruments
that are not measured at fair value for which the book value approximates their fair value, except for:</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As of March 31, 2023, fair value
of borrowings is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 59%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Carrying Value</U></B></FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Fair Value</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">322,413</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">324,715</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other borrowings</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">247,457</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">244,999</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>569,870</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>569,714</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The fair value of the borrowings was assessed as
follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt; text-align: left">a)</TD><TD STYLE="text-align: justify">The fair value of Notes traded in active markets was measured
based on quoted market prices at the end of the reporting period. As a result, its valuation classifies as Level 1.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt; text-align: left">b)</TD><TD STYLE="text-align: justify">The fair value of Notes that are not traded in an active market
was measured based on quotes provided by first-tier financial entities, so their valuation qualifies as Level 2.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt">c)</TD><TD STYLE="text-align: justify">Fort the rest of the borrowings, the fair values were calculated based on cash flows discounted using
a current lending rate, so as they are classified as level 3.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="h_006"></A><B>NOTE 19 &ndash; PURCHASE COMMITMENTS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company has entered into various purchase commitments
with domestic and foreign suppliers amounting to approximately $185,085 as of March 31, 2023 (of which $43,290 corresponds to fixed assets
commitments).</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="h_007"></A><B>NOTE 20 &ndash; EQUITY</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of March 31, 2023 and December 31, 2022, the
capital stock of Telecom Argentina amounts to $2,153,688,011, represented by the same number of common book-entry shares with nominal
value of $1 peso, as detailed below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class of Shares</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center; text-indent: 0.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class &ldquo;A&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">683,856,600</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center; text-indent: 0.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class &ldquo;B&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">628,058,019</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center; text-indent: 0.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class &ldquo;C&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106,734</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center; text-indent: 0.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class &ldquo;D&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">841,666,658</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 3pt; padding-left: 3pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,153,688,011</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of the date of these unaudited consolidated
financial statements, all the shares of Telecom Argentina are authorized by the CNV for public offering.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Class B Shares are listed and traded on the leading
companies&rsquo; panel of the BYMA and the ADS representing 5 Class &ldquo;B&rdquo; shares of the Company are traded on the NYSE under
the symbol TEO.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="h_008"></A><B>NOTE 21 &ndash; REVENUES</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Three-month period ended </U></B></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>March 31,</U></B></P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 74%; background-color: white; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mobile Services</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87,610</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92,704</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Internet Services </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47,017</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51,571</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cable Television Services </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,909</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46,947</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed and Data Services</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,501</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,279</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other services revenues</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,745</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,955</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal Services revenues</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>200,782</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>223,456</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equipment revenues</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,036</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,331</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>214,818</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>239,787</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="h_009"></A><B>NOTE 22 &ndash; OPERATING
EXPENSES</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating expenses disclosed by nature of expense
amounted to $217,908 and $237,219 for the three-month periods ended March 31, 2023 and 2022, respectively. The main components of the
operating expenses are the following:</P>

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month period ended March 31,</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Employee benefit expenses and severance payments</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries, social security expenses and benefits </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(48,394)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(46,091)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Severance indemnities </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,600)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,762)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other employee expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(675)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(624)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(51,669)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(49,477)</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Fees for services, maintenance, materials and supplies</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Maintenance and materials</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,098)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14,221)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees for services</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,870)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,222)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Directors and Supervisory Committee&rsquo;s members&rsquo; fees</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(217)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(159)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(25,185)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(25,602)</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Taxes and fees with the Regulatory Authority</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Turnover tax</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,946)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,858)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Regulatory Entity Fees</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,242)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,693)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal taxes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,215)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,519)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other taxes and fees</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,139)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,266)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(16,542)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(18,336)</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Cost of equipment and handsets</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventory balance at the beginning of the year</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,445)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,153)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Plus:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-indent: 11.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchases</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,898)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,029)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-indent: 11.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,102</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">535</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventory balance at the end of the period</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,273</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,367</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(9,968)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(12,280)</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Other operating expenses</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Legal Claims and contingent liabilities</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,360)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(913)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rental and internet capacity</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,247)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,487)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Energy, water and other services</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,265)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,959)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Postage, freight and travel expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,420)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,461)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(376)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(837)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(8,668)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(8,657)</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Depreciation, amortization and impairment of fixed assets</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation of PP&amp;E</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,058)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(61,195)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization of intangible assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,585)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,781)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization of rights of use assets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,218)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,051)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment of fixed assets </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(275)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,535)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(68,136)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(80,562)</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating expenses, disclosed per function are
as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 38%; padding-right: 5.4pt">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Concept</B></P></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Operating<BR>
 costs</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Administration<BR>
 costs</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Commercialization<BR>
 costs</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Other<BR>
 expenses</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total <BR>
03.31.2023</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total <BR>
03.31.2022</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Employee benefit expenses and severance payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(28,252)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(11,367)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(12,050)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(51,669)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(49,477)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Interconnection costs and transmission costs</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(6,408)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(6,408)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(7,328)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fees for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(10,659)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(4,517)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(10,009)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(25,185)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(25,602)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Taxes and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(16,279)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(107)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(156)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(16,542)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(18,336)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Commissions and advertising</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(114)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(12,403)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(12,517)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(13,126)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cost of equipment and handsets</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(9,968)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(9,968)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(12,280)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Programming and content costs</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(12,316)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(12,316)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(15,316)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Bad debt expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(6,499)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(6,499)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(6,535)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other operating expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(5,896)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,001)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,771)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(8,668)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(8,657)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(52,506)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(9,475)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(5,880)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(275)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(68,136)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(80,562)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total as of 03.31.2023</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(142,398)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(26,467)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(48,768)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(275)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(217,908)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total as of 03.31.2022</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(157,758)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(25,662)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(49,264)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(4,535)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(237,219)</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="h_010"></A><B>NOTE 23 &ndash; FINANCIAL RESULTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month period ended<BR>
 March 31,</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2022</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interests on financial debts (*)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,058)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(537)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency exchange gains on financial debts (**)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,286</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,166</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial debt renegotiation results</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(312)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Debt financial results </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,916</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>29,629</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 70%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Losses on operations with notes and bonds</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,848)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,428)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other exchange differences</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(814)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(119)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other interests, net and other investments results</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,283</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">856</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other taxes and bank expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,079)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,302)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial expenses on pension benefits</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(269)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(241)</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial discounts on assets, debts and others</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(832)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,107)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,018</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,352</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total other financial results, net</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,459</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,011</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total financial results, net</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19,375</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,640</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">(*) Includes $56 and ($128) corresponding to
net losses generated by DFI in the three-month period ended March 31, 2023 and 2022, respectively.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(**) Includes ($494) and ($633) corresponding to net losses generated
by DFI in the three-month period ended March 31, 2023 and 2022, respectively.</P>

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

<P STYLE="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="h_011"></A><B>NOTE 24 - BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION
33 - LAW No. 19,550 AND RELATED PARTIES</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>a)</B></TD><TD STYLE="text-align: justify"><B>Controlling Company</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">CVH is the
controlling company of Telecom Argentina, holding directly and indirectly 28.16% of the capital stock of the Company. Additionally, both
VLG (controlled by CVH) and Fintech, contributed to the Voting Trust, in accordance with the Shareholders&acute; Agreement, shares representing
10.92% of the capital of the Company so the shares subject to such agreement represent 21.84% of the total capital of the Company (the
 &ldquo;Shares in Trust&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">On March
10th 2023, CVH announced that the Board of Directors resolved to carry out a corporate reorganization process through the merger by absorption
of VLG. On April 28th, 2023, the Ordinary and Extraordinary General Shareholders&rsquo; Meeting held, the shareholders of CVH approved
the corporate reorganization process and the Pre-Merger Commitment. CVH will proceed to sign the Definitive Merger Commitment within the
legal terms.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">According
to the Voting Trust Agreement, the trustee appointed by CVH must vote the Shares in Trust as instructed or voted by CVH with respect to
all issues except in respect of certain matters subject to veto under the Shareholders&rsquo; Agreement.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">For further
details on the Voting Trust Agreement and the Shareholders&rsquo; Agreement, see Note 27 to the consolidated financial statements as of
December 31, 2022.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>b)</B></TD><TD STYLE="text-align: justify"><B>Related Parties</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For the purposes of these unaudited consolidated
financial statements, related parties are those individuals or legal entities which are related to Telecom in terms of IAS 24.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>c)</B></TD><TD STYLE="text-align: justify"><B>Balances with Companies under section 33 - Law No. 19,550
and Related Parties</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Companies under section 33 - Law No. 19,550
 &ndash; Associates</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 92%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; padding-right: 1.5pt; padding-left: 35.4pt; text-align: center; text-indent: -35.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; padding-right: 1.5pt; padding-left: 35.4pt; text-align: center; text-indent: -35.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver TV</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other receivables </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">La Capital Cable</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">409</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; font-size: 9pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Ver TV</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">132</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>282</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>411</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TSMA</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: bottom; padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1</B></FONT></TD></TR>
  </TABLE>

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

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

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

<!-- Field: Split-Segment; Name: sp4 -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Related parties</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 92%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; white-space: nowrap; padding-left: 1.5pt; vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>March 31,</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; white-space: nowrap; padding-left: 1.5pt; vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December 31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other Related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">293</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">273</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>293</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>273</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 9pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other Related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 9pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal">Other Related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,965</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,418</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,965</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,418</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 11pt"><B>d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Transactions
                                            with Companies under section 33 - Law No. 19,550 and related parties</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Companies under section 33 - Law No. 19,550&ndash;
Associates</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Transaction</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Three-month period </U></B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>ended March 31,</U></B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 32%">&nbsp;</TD>
    <TD STYLE="width: 42%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2022</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Revenues</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La Capital Cable</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services revenues and other revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver TV</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services revenues and other revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Operating costs</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La Capital Cable</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fees for services</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(226)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(61)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(226)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(61)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Related Parties</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Transaction</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Three-month period </U></B></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>ended March 31,</U></B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 32%">&nbsp;</TD>
    <TD STYLE="width: 42%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Revenues</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other Related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services and advertising revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">169</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">153</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>169</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>153</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-top: 6pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Operating costs</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other Related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Programming costs</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,822)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,178)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other Related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Editing and distribution of magazines</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(323)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(454)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other Related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Advisory services</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(297)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(278)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other Related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Advertising purchases</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(110)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(172)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other Related parties</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Other purchases and commissions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(83)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(104)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,635)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,186)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The transactions discussed above were made by Telecom
under the same conditions than would have been obtained from unaffiliated third parties. When Telecom&rsquo;s transactions represented
more than 1% of its total shareholders&rsquo; equity, they were approved according to Law No. 26,831, the Bylaws and the Executive Committees&rsquo;
Faculties and Performance Regulation.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><A NAME="sub_001"></A>NOTE 25 &ndash; RESTRICTIONS ON DISTRIBUTION OF PROFITS </B></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><A NAME="sub_002"></A>NOTE 26 &ndash; RECENT DEVELOPMENTS CORRESPONDING TO THE THREE-MONTH
PERIOD ENDED MARCH 31, 2023</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1.</FONT></TD><TD><FONT STYLE="font-size: 11pt"><U>Regulatory issues</U></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>a)</B></TD><TD STYLE="text-align: justify"><B>Decree No. 690/20 - Amendment to the LAD</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In relation to the situation described in Note
2.c).ii) in the consolidated financial statements as of December 31, 2022, on March 8, 2023 the precautionary measure, which suspended
the application of the standard, was extended for an additional period of six months. Consequently, the precautionary measure is fully
in force as of the issuance date of these unaudited consolidated financial statements. Additionally, before the appeals presented by the
National Executive Branch and ENACOM, on May 5, 2023, the Chamber II of the Court of Appeals denied the appeals and granted the extension
of the precautionary measure.</P>

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




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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><A NAME="sub_003"></A>NOTE 27 &ndash; SUBSEQUENT EVENTS TO MARCH 31,
2023</B></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: -62.35pt">Acquisition
of the Open Pass Holding Corp Joint Venture</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: -62.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">On
April 24, 2023, the Company entered into a share subscription agreement, whereby it subscribed 1,000 Class B common shares, entitled to
one vote per share, of Open Pass Holding Corp. (&ldquo;OPHC&rdquo;), representing 50% of its capital stock, as well as an agreement regarding
the joint corporate governance of OPHC and its subsidiaries. </FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">OPHC,
a company incorporated in the state of Delaware, USA, holds a 100% equity interest in Open Pass S.A.U. (&ldquo;Open Pass&rdquo;), a company
that provides computer services related to software development and maintenance. Micro Sistemas holds an agreement for the use and development
of the electronic wallet platform. </FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">The
transaction price was set at US$ 13.8 million. On the date of subscription of the shares, the Company paid US$4.8 million (US$4.3 million
in cash and US$0.5 million through the delivery of government securities), and the outstanding balance will be settled in three equal
annual installments.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">In
April, 2023, Micro Sistemas assigned to the Company the call option rights receivable over Open Pass shares granted to Micro Sistemas
by certain shareholders of Open Pass, which expired on April 30, 2023.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">In
addition, in March, 2023, the Company set up a guarantee trust to which the Company transferred trust assets for US$ 9.1 million, which
include the outstanding balance to be settled for the acquisition of the Joint Venture. </FONT></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: -62.35pt">Provisions
of the Ordinary and Extraordinary Shareholders&rsquo; Meeting of Telecom</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 62.35pt; text-align: justify; text-indent: -62.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">At
the Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April 27, 2023, the shareholders of Telecom decided, among other:</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
approve the Board of Directors&rsquo; proposal stated in current currency as of March 31, 2023 using the National Consumer Price Index
pursuant to CNV Resolution No. 777/18 in connection with the Accumulated Deficit as of December 31, 2022 for 207,832,672,505 Argentine
pesos ($253,000 in current currency as of March 31, 2023). The Board proposed: i) to reclassify to the &ldquo;Contributed Surplus&rdquo;
273,927,247,113 Argentine pesos ($333,458 in current currency as of March 31, 2023) resulting from the adjustment for the loss of the
higher value allocated to the assets and liabilities identified and incorporated as of the date of merger, which gave rise to the creation
of the Contributed Surplus, (ii) to appropriate to the &ldquo;Voluntary reserve to maintain the Company's level of capital expenditures
and its current solvency level&rdquo; the total amount of the difference in the accumulated deficit for 66,094,574,608 Argentine pesos
($80,458 in current currency as of March 31, 2023);</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-weight: normal">(ii)</FONT><FONT STYLE="font-size: 7pt; font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">to delegate on the Board of Directors the power to reverse before December 31,
2023 the &ldquo;Voluntary reserve to maintain the Company's level of capital expenditures and its current solvency level&rdquo; in an
amount that will allow to distribute the 2030 Global Bonds as dividends in kind for up to a nominal amount of US$473,623,896.</FONT></P>

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Distribution of dividends
in kind</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">Pursuant
to the powers delegated by the shareholders of Telecom Argentina at the Ordinary and Extraordinary Shareholders&rsquo; Meeting held on
April 27, 2023, on May 3, 2023, the Board of Directors decided to partially reverse the &ldquo;Voluntary reserve to maintain the Company's
level of capital expenditures and its current solvency level&rdquo; for $47,701 to be distributed as dividends in kind through the delivery
of Global Bonds of the Argentine Republic amortizable in US dollars due on July 9, 2030 (the &ldquo;2030 Global Bonds&rdquo;), for a nominal
value of US$ 411,214,954.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Export Development Canada (EDC)</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On May 5, 2023, the Company submitted a proposal
for an export credit line for a total amount of up to US$50 million to EDC, the official export credit agency of Canada.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The funds received will be used to finance up to
100% of the payments due to Nokia Solutions and Networks Oy and/or Nokia Spain S.A., delivered during August 30, 2022 to November 1, 2024.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of the date of these unaudited consolidated
financial statements, the Company has not received any disbursement related to the aforementioned credit line.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Carlos Moltini</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Chairman of the Board of Directors</U></B></FONT></TD></TR>
  </TABLE>

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

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="d_001"></A><B><U>OPERATING AND FINANCIAL REVIEW AND PROSPECTS
AS OF MARCH 31, 2023</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(In millions of Argentine pesos or as expressly
indicated)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt; width: 0"></TD><TD STYLE="padding: 2pt; width: 0.25in"><B><I>1.</I></B></TD><TD STYLE="padding: 2pt"><B><I>General considerations</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As required by CNV regulations, the Company has
prepared its unaudited consolidated financial statements as of March 31, 2023 under IFRS.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As provided under Resolution No. 777 issued by
the CNV on December 28, 2018, this Report discloses the comparative balances, restated to current currency as of March 31, 2023.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The table below shows
the evolution of the National Consumer Price Index (National CPI with the characteristics identified in Note 1.d) to the unaudited consolidated
financial statements) of the last years and as of March 31, 2023 and 2022 according to official statistics (INDEC) and the Banco Naci&oacute;n
US dollar exchange rate used for the preparation of this operating and financial review and prospects and the accompanying unaudited financial
statements:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As of March 31,<BR>
 2022</U></B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As of December 31, <BR>
2022</U></B></FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As of March 31, <BR>
2023</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">National Consumer Price Index (National CPI) (December 2016=100)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">676.06</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,134.59</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,381.16</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Variation in prices</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">55.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">94.8%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">104.3%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated 3 months</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">16.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">n/a</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">21.7%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Banco Naci&oacute;n US$/$ exchange rate </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">111.01</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">177.16</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">209.01</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Variation in the exchange rate</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">20.7%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">72.5%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">88.3%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated 3 months</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">8.1%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">n/a</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">18.0%</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt; width: 0"></TD><TD STYLE="padding: 2pt; width: 0.25in"><B><I>2.</I></B></TD><TD STYLE="padding: 2pt"><B><I>Telecom&rsquo;s activities for the three-month periods ended March 31, 2023 (&ldquo;1Q23&rdquo;) and 2022 (&ldquo;1Q22&rdquo;)</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company believes that the presentation of the
measure &ldquo;adjusted EBITDA&rdquo; provides investors and financial analysts with appropriate information that is relevant to understanding
the Company&rsquo;s performance. Moreover, adjusted EBITDA is one of the key performance measures used by Management for monitoring the
Company&rsquo;s profitability and financial position, at consolidated levels.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 94%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Revenues </B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>214,818</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>239,787</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(24,969)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10.4)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Employee benefit expenses and severance payments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(51,669)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(49,477)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,192)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interconnection and transmission costs </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,408)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,328)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">920</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,185)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,602)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">417</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,542)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,336)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,794</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commissions and advertising</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,517)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,126)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">609</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost of equipment and handsets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,968)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,280)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,312</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Programming and content costs</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,316)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,316)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,000</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bad debt expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,499)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,535)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other operating expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,668)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,657)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>65,046</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>83,130</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(18,084)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(21.8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(68,136)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(80,562)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,426</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating income (loss)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,090)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,568</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,658)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Earnings from associates</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">425</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">245</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">180</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Debt financial results</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,916</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,629</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20,713)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(69.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other financial results, net</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,459</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,011</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,552)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(34.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,710</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,453</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(31,743)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(65.5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax benefit</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,773</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,716</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28,483</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,510</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(20,027)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(41.3)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling Company</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,759</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,063</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20,304)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(42.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">724</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">447</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">277</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28,483</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,510</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(20,027)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(41.3)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Basic and diluted earnings per share attributable to the Controlling Company (in Argentine pesos)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12.89</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>22.32</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 12.65pt; text-align: right; text-indent: -12.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 12.65pt; text-align: right; text-indent: -12.65pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In relation to the economic performance, adjusted
EBITDA amounted to $65,046 in 1Q23, representing 30.3% of consolidated revenues. Depreciation, amortization and impairment of fixed assets
totaled $68,136, consequently, the operating loss for 1Q23 amounted to $3,090. Financial results were positive and amounted to $19,375
and income tax benefit amounted to $11,773, consequently, net income amounted to $28,483.</P>

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




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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues </FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 96%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 48%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>1Q23</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>1Q22</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>$</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>%</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mobile Services</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87,610</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92,704</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,094)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Internet Services </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47,017</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51,571</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,554)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cable Television Services </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,909</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46,947</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,038)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed and Data Services</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,501</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,279</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,778)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other services revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,745</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,955</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(210)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal Services revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>200,782</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>223,456</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(22,674)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10.1)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equipment revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,036</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,331</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,295)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>214,818</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>239,787</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(24,969)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10.4)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 1Q23 consolidated revenues decreased 10.4%
(-$24,969 vs. 1Q22) amounting to $214,818.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Albeit the greater demand for services, consolidated
revenues decreased mainly due to the fact that the inflation rate for the last twelve months amounted to 104.3% and the Company did not
transfer the totality of this inflation to its prices.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Services revenues amounted to $200,782 in 1Q23
(-10.1% vs. 1Q22) and represent 93.5% of consolidated revenues. Mobile Services revenues amounted to $87,610 in 1Q23 (-$5,094 vs. 1Q22),
Internet Services revenues amounted to $47,017 in 1Q23 (-$4,554 vs. 1Q22), Cable Television Services revenues amounted to $39,909 in 1Q23
(-$7,038 vs. 1Q22) and Fixed and Data Services revenues amounted to $24,501 in 1Q23 (-$5,778 vs. 1Q22). Equipment revenues decreased 14.1%,
amounting to $14,036 in 1Q23 and represent 6.5% of consolidated revenues.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Consolidated Revenues include $14,510 and $129,207
in 1Q23 and 1Q22, respectively, related to the effect generated by the restatement in current currency as of March 31, 2023.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Mobile Services revenues
amounted to $87,610 in 1Q23 (-$5,094 or &ndash; 5.5% vs. 1Q22), being the main business in term of service revenues (43.6% and 41.5% of
services revenues in 1Q23 and 1Q22, respectively).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement in current
currency as of March 31, 2023 included in mobile services revenues amounted to $6,092 and $49,937 in 1Q23 and 1Q22, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mobile services revenues in Argentina amounted
to $81,109 in 1Q23 (-$3,734 or -4.4% vs. 1Q22), due to a decrease of 6.2% in the average revenue per user (&ldquo;ARPU&rdquo;), partially
offset by an increase of 1.6% in the number of customers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Mobile services customers
in Argentina amounted to 20.5 million and 20.2 million as of March 31, 2023 and 2022, respectively. The main ratios related to the services
provided to these customers were:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As of March 31, 2023 58% of total customers are
prepaid customers, and 42% consist of postpaid customers, compared to 59% and 41% respectively, as of March 31, 2022.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile internet services revenues represent 92%
of Personal&rsquo;s customer total services revenues as of March 31, 2023, compared to 86% as of March 31, 2022.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The monthly ARPU amounted to $1,307.4 in 1Q23
(vs. $1,394.3 in 1Q22), representing a decrease of 6.2%. The effect generated by the restatement in current currency as of March 31, 2023
included in ARPU amounted to $80.7 and $749.5 in 1Q23 and 1Q22, respectively.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The average churn rate per month amounted to 1.7%
in 1Q23 (vs. 2.3% average in 1Q22).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Regarding infrastructure, the Company continued
to enhance the mobile Internet experience of its customers through the deployment of its 4G and 4G+ network throughout the country, reaching
more than 14.8 million customers with 4G devices. The traffic carried by 4G technologies during 1Q23 corresponds to 96.5% of the total
traffic.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom has been preparing to receive 5G technology
by expanding the coverage, availability and capacity of the network through a technological reconversion and continuing the deployment
of 4G. As of 1Q23, 182 sites (39 during 1Q23) with 5G DSS mobile antennas were enabled in Buenos Aires, Rosario, the Atlantic Coast, C&oacute;rdoba,
Santa Fe, Corrientes, Posadas, Paran&aacute;, among other localities, with the aim of preparing the technical and regulatory conditions
that allow the full development of the 5G network.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Mobile services revenues
generated in Paraguay amounted to $6,501 in 1Q23 (-$1,360 or &ndash; 17.3% vs. 1Q22) due to decrease in ARPU in current currency, partially
offset by the appreciation of the Guaran&iacute; against the Argentine peso.</P>

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




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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The main ratios related to the mobile services
in Paraguay were:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">N&uacute;cleo's mobile customers amounted to 2.3
million as of March 31, 2023. As of March 31, 2023, 79% of total customers consist of prepaid customers and 21% consist of postpaid customers.
As of March 31, 2022, 81% of total customers consist of prepaid customers and 19% consist of postpaid customers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The monthly ARPU amounted to $960 in 1Q23 (vs.
$1,291.6 in 1Q22), representing a 25.7% decrease.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The average churn rate per month amounted to 2.6%
in 1Q23 (vs. 2.9% in 1Q22).</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Internet services revenues amounted to $47,017
in 1Q23 (-$4,554 or &ndash; 8.8% vs. 1Q22) driven mainly by the 6.5% decrease in broadband ARPU, which amounted to $3,641 in 1Q23 (vs.
$3,894.9 in 1Q22). The effect generated by the restatement in current currency as of March 31, 2023 included in ARPU amounts to $230.2
and $2,097.8 in 1Q23 and 1Q22, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The customer base in 1Q23 amounted to 4.1 million
subscribers, remaining approximately at the same level as 1Q22. Internet services churn rate per month amounted to 1.7% and 1.5% as of
March 31, 2023 and 2022, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In connection with initiatives to continue developing
the experience of fixed internet service customers, Personal doubled the internet speed to all its residential customers (with HFC, FTTH
technology), going from 50 Mb to 100 Mb, from 100 Mb to 300 Mb and from 300 Mb to 500 Mb, and the lowest speeds went to 50 Mb. This process
was carried out free of charge, without any additional management by customers. More than three million customers received an increase
in the speed of their contracted service without modifying their commercial conditions.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Customers with service of 100 Mb or higher represented
81% and 37% of the total customer base as of March 31, 2023 and 2022, respectively. Within this range there are customers who have plans
of 100 Mb or higher, that as of March 31, 2023 amounted to 3.3 million, an increase of 112.8% as a whole compared to 1Q22.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement in current
currency as of March 31, 2023 included in Internet Services revenues amounts to $3,179 and $27,798 in 1Q23 and 1Q22, respectively.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cable Television Services revenues amounted to
$39,909 in 1Q23 (-$7,038 or - 15% vs. 1Q22). The variation is mainly due to a 13.5% decrease in ARPU, amounting to $3,728.3 in 1Q23 (vs.
$4,311.1 in 1Q22). The effect generated by the restatement in current currency as of March 31, 2023 included in ARPU amounts to $250.6
and $2,323.9 in 1Q23 and 1Q22, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement in current
currency as of March 31, 2023 included in Cable television services revenues amounts to $2,640 and $25,299 in 1Q23 and 1Q22, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Subscriber base in Argentina remains stable amounting
to 3.2 million customers as of March 31, 2023, of which 1.3 million are subscribed to Flow. Premium services subscribed as of 1Q23 amounted
to 2.5 million. Churn rate per month of Cable television services positioned into 1.8% and 1.3% as of March 31, 2023 and 2022, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Fixed Telephony and Data Services</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Fixed Telephony and Data Services revenues amounted
to $24,501 in 1Q23 (-$5,778 or &ndash; 19.1% vs. 1Q22).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The monthly ARPU of fixed
telephony services amounted to $1,618.3 in 1Q23 (vs. $1,983.5 in 1Q22). The effect generated by the restatement in current currency as
of March 31, 2023 included in ARPU amounts to $112.9 and $1,147 in 1Q23 and 1Q22, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement in current
currency as of March 31, 2023 included in Fixed and Data Services revenues amounts to $1,670 and $16,306 in 1Q23 and 1Q22, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The B2B segment developed
new solutions to help companies to boost their business and continue to evolve digital transformation in this new context.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Equipment revenues amounted
to $14,036 in 1Q23 (-$2,295 or &ndash; 14.1% vs. 1Q22). This variation is mainly due to a decrease in handsets sold as compared to 1Q22
and the fact that the Company did not transfer all of the year&rsquo;s inflation to its prices.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The effect generated by the restatement in current
currency as of March 31, 2023 included in Equipment revenues amounts to $841 and $8,820 in 1Q23 and 1Q22, respectively.</P>

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




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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted EBITDA</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Operating costs without
depreciation, amortization and impairment of fixed assets totaled $149,772 in 1Q23, which represents a decrease of $6,885 or -4.4% compared
to 1Q22. These lower costs are mainly associated with the decrease in Programming and content costs, Cost of equipment and handsets, Taxes
and fees with the Regulatory Authority, Interconnection and transmission costs, Fees for services, maintenance, materials and supplies,
Commissions and advertising, and Bad debt expenses, partially offset by higher Employee benefit expenses and severance payments. The headcount
as of 1Q23 totaled 21,681 employees.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated by
the restatement in current currency as of March 31, 2023 included in operating costs amounts to $11,040 and $85,700 in 1Q23 and 1Q22,
respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Therefore, consolidated
Adjusted EBITDA amounted to $65,046 in 1Q23, representing a decrease of $18,084 or 21.8% as compared to 1Q22. Adjusted EBITDA represented
30.3% and 34.7% of total consolidated revenues in 1Q23 and 1Q22, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Consolidated Adjusted
EBITDA generated by the rendering of services amounted to $60,978 in 1Q23, compared to $79,079 in 1Q22 (-$18,101 or -22.9% vs. 1Q22).
Consolidated Adjusted EBITDA generated by the sale of equipment amounted to $4,068 in 1Q23, compared to $4,051 in 1Q22 ($17 or 0.4% vs.
1Q22).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Depreciation, amortization and impairment of fixed assets</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Depreciation, amortization
and impairment of fixed assets amounted to $68,136 in 1Q23 (-$12,426 or -15.4% vs. 1Q22).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The charge of the period
includes the impact of the amortization of the CAPEX subsequent to March 31, 2022, partially offset by the effect of those assets that
ended their useful life after that same date.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The effect generated by
the restatement in current currency as of March 31, 2023 included in depreciation, amortization and impairment of fixed assets amounts
to $49,348 and $66,322 in 1Q23 and 1Q22, respectively.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating income (loss)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating loss amounted to $3,090 in 1Q23, representing
-1.4% of consolidated revenues in 1Q23, while in 1Q22 it was an operating income of $2,568 (1.1% of consolidated revenues).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial results, net</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interests on financial debts</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,058)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(537)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,521)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">469.5</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency exchange gains on financial debts</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,286</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,166</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,880)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(59.3)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial debt renegotiation results</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(312)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(312)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;Total debt financial results</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,916</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>29,629</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(20,713)</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(69.9)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other exchange differences</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(814)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(119)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(695)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">584.0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Losses on operations with notes and bonds</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,848)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,428)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,580</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(47.5)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other interests, net and other investments results</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,283</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">856</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">427</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49.9</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,018</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,352</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,334)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(34.2)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,180)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,650)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">470</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total other financial results, net</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,459</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,011</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,552)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(34.7)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total financial results, net</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19,375</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,640</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(26,265)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(57.5)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We incurred in a financial gain, net of $19,375
in 1Q23 (vs. a gain of $45,640 in 1Q22). Financial Results, net in 1Q23 mainly include (i) foreign exchange gains measured in real terms
of $11,472 as a result of a 18.0% devaluation of the Argentine peso against the US dollar vs. a 21.7% inflation (vs. a gain of $30,047
in 1Q22&ndash; 8.1% devaluation of the Argentine peso against the US dollar vs. a 16.1% inflation), and the effect generated by the restatement
in current currency, which amounted to a gain of $16,018 (vs. a gain of $24,352 in 1Q22). These effects are partially offset by losses
of (i) operations with notes and bonds of $2,848 (vs. a loss of $5,428 in 1Q22), (ii) interest on financial debts, measured in real terms,
of $3,058 (vs. a loss of $537 in 1Q22) (iii) financial debt renegotiation results of $312, and (iv)other financial results of $1,897.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income tax benefit</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom&rsquo;s income tax includes the following
effects: (i) the current tax payable pursuant to tax legislation applicable to Telecom, and (ii) the effect of applying the deferred tax
method on temporary differences arising out of the Company&rsquo;s asset and liability valuation according to tax versus financial accounting
criteria, including the income tax inflation effect.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Income tax benefit amounted to $11,773 in 1Q23
vs. $57 in 1Q22. It includes the following effects: (i) current tax expenses, Telecom&acute;s generated $80 tax expense in 1Q23 (vs. expense
of $22,405 in 1Q22), (ii) regarding the deferred tax in 1Q23, Telecom recorded a deferred tax gain of $11,853 (vs. a gain of $22,462 in
1Q22).</P>

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




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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net income</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom Argentina recorded a net income of $28,483
in 1Q23 (vs. a net income of $48,510 in 1Q22) and represents 13.3% of consolidated revenues (vs. 20.2% in 1Q22). Net income recorded in
1Q23 is mainly due to the financial gains, net amounting to $19,375 and income tax benefit amounting to $11,773.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Net income attributable to controlling shareholders
amounted to $27,759 in 1Q23 vs. an income of $48,063 in 1Q22.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial position, net</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 73%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Consolidated financial position analysis</U></B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 37%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>March 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; vertical-align: top; width: 12%; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial assets &ndash; current</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">91,864</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,091</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,773</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial assets &ndash; non-current</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">83</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">245</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(162)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>91,947</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>59,336</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>32,611</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings &ndash; current</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(180,802)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(163,561)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,241)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings - non current</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(389,068)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(407,594)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,526</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total borrowings</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(569,870)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(571,155)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,285</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial liabilities, net &ndash; current</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(88,938)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(104,470)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,532</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial liabilities, net - non current</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(388,985)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(407,349)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,364</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total financial liabilities, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(477,923)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(511,819)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>33,896</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The consolidated financial
position, net (that is: Cash and cash equivalents plus Financial investments and IFD less Borrowings) is debt and amounted to $477,923
as of March 31, 2023, which represents a decrease of $33,896 compared to December 31, 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-weight: normal">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CAPEX in PP&amp;E and Intangible Assets and Rights of use assets additions</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">CAPEX and Rights of use assets additions composition
1Q23 and 1Q22 is as follows:</P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; width: 100%">
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>In millions of $</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 2pt; vertical-align: top; width: 42%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,339</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,344</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,005)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(24.7)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intangibles assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,035</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,438</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(403)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(28.0)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total CAPEX</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25,374</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>33,782</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(8,408)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(24.9)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rights of use assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,154</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,591</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,563</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">99.4</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>34,528</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>38,373</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,845)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10.0)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company and its subsidiaries&rsquo; main 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 and the expansion of 5G services to support the growth of mobile Internet services, improvement of the quality service
together with the launch of innovative Value-Added Services (&ldquo;VAS&rdquo;).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In terms of infrastructure, during 2023 we continued
to improve the services we provide by deploying the 4G / LTE network, together with the technological reconversion of our 2G / 3G networks
to 4G and LTE, and the deployment of fiber optics to connect homes with Broadband, which also had an impact on fixed and data network.
The deployment of 4G / LTE reached a coverage of 96% of urban population, in 1,947 localities as of March 31, 2023. Additionally, we reached
a coverage of 98% of the population of major cities of Argentina, as of that date. Our customers with access to our 4G network perceive
a better service experience, primarily with faster speeds that reach 300 Mbps, with capacity to reach speeds of 1,000 Mbps. On the other
hand, approximately 33% of the calls are made by Volte, a technology that allows making and receiving voice calls over the 4G Network
with substantial improvements in audio and video quality.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Additionally, we continued to deploy the mobile
sites connectivity in order to achieve better quality and capacity, replacing radio links with high capacity fiber optics connections.
Finally, the plan to connect remote and low-density areas through satellite backhaul continued.</P>

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




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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt; width: 0"></TD><TD STYLE="padding: 2pt; width: 0.25in"><B><I>3.</I></B></TD><TD STYLE="padding: 2pt"><B><I>Summary of comparative consolidated statements of financial position</I></B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; text-align: center; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 1.5pt; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; width: 44%; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">175,105</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">176,847</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">225,323</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">291,090</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">263,465</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-current assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,934,066</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,355,466</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,485,003</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,537,665</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,546,928</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,109,171</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,532,313</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,710,326</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,828,755</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,810,393</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">359,913</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">382,801</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">377,135</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">415,353</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">362,536</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-current liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">732,534</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">800,468</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">912,639</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">897,248</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">726,943</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,092,447</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,183,269</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,289,774</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,312,601</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,089,479</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity attributable to the Controlling Company</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">996,389</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,329,017</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,396,704</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,493,630</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,697,022</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity attributable non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,335</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,027</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,848</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,524</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,892</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Equity</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,016,724</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,349,044</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,420,552</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,516,154</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,720,914</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,109,171</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,532,313</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,710,326</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,828,755</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,810,393</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt; width: 0"></TD><TD STYLE="padding: 2pt; width: 0.25in"><B><I>4.</I></B></TD><TD STYLE="padding: 2pt"><B><I>Summary of comparative consolidated income statements</I></B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 1.5pt; width: 44%; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q21</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q20</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q19</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revenues </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">214,818</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">239,787</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">261,573</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">283,696</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">297,135</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating costs</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(217,908)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(237,219)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(244,502)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(257,634)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(267,003)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating income (loss)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,090)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,568</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>17,071</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>26,062</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>30,132</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Earnings from associates</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">425</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">245</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">259</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">415</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">691</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial results, net</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,375</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,640</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,455</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,889)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">709</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income before income tax expense</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,710</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,453</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>38,785</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19,588</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>31,532</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax benefit (expense)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,773</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,229)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,653)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22,957)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28,483</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>48,510</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28,556</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,935</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,575</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other comprehensive income (loss), net of tax</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(898)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,359)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">171</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,596)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 1pt solid; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,629)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total comprehensive income </B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>27,585</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,151</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>28,727</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,339</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; border-bottom: Black 2.25pt double; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,946</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;Attributable to Controlling Company</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,984</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,448</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,784</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,048</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,244</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;Attributable to non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">601</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(297)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">943</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(709)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(298)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt; width: 0"></TD><TD STYLE="padding: 2pt; width: 0.25in"><B><I>5.</I></B></TD><TD STYLE="padding: 2pt"><B><I>Summary of comparative consolidated statements of cash flow</I></B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; width: 44%; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q21</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q20</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q19</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net cash flows provided by operating activities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53,141</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75,086</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87,316</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,907</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104,024</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net cash flows used in investing activities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(61,279)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(77,294)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(43,791)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(52,292)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(56,564)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net cash flows provided by (used in) financing activities </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,510</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,896</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,299)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,180</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,103)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-right: 1.5pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net foreign exchange differences and RECPAM on cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,534)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,821)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,281)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(321)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,168</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total cash and cash equivalents (used) provided during the period</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(7,162)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,133)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>33,945</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>34,474</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>39,525</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 2pt; width: 0"></TD><TD STYLE="padding: 2pt; width: 0.25in"><B><I>6.</I></B></TD><TD STYLE="padding: 2pt"><B><I>Statistical data (in physical units in index-term)</I></B></TD></TR></TABLE>

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

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  <TR>
    <TD STYLE="width: 44%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>03.31.23</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>03.31.22</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>03.31.21</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>03.31.20</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>03.31.19</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable TV Subscribers (i)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97.2%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">101.2%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.8%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.1%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97.6%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Internet Access (ii)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.5%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104.3%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">102.3%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.3%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">101.3%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed telephony services lines (ii)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77.6%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81.5%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82.9%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">84.9%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91.0%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Personal Mobile telephony services lines (ii)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">107.9%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106.2%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99.0%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99.3%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95.6%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N&uacute;cleo&rsquo;s customers (ii)</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104.3%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.0%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96.4%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98.9%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97.5%</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 30.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 8pt">(i)</FONT></TD><TD><FONT STYLE="font-size: 8pt">Base December 2013= 100</FONT></TD></TR></TABLE>

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<TD STYLE="width: 30.05pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 8pt">(ii)</FONT></TD><TD><FONT STYLE="font-size: 8pt">Base December 2017= 100</FONT></TD></TR></TABLE>

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

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<TD STYLE="padding: 2pt; width: 0"></TD><TD STYLE="padding: 2pt; width: 0.25in"><B><I>7.</I></B></TD><TD STYLE="padding: 2pt"><B><I>Consolidated ratios</I></B></TD></TR></TABLE>

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  <TR>
    <TD STYLE="vertical-align: top; width: 44%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>03.31.23</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>03.31.22</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>03.31.21</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>03.31.20</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 11%; border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>03.31.19</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liquidity (1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.49</FONT></TD>
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.46</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.60</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.70</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.73</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Solvency (2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.93</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.14</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.10</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.16</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.58</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; border-bottom: Black medium double; border-left: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Locked-up capital (3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.93</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.90</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; vertical-align: top; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.91</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.7pt; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

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<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt; text-align: left"><FONT STYLE="font-size: 8pt">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Current assets/Current liabilities.</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt; text-align: left"><FONT STYLE="font-size: 8pt">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Total equity/Total liabilities.</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 8pt">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Non-current assets/Total assets.</FONT></TD></TR></TABLE>

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

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<TD STYLE="padding: 2pt; width: 0"></TD><TD STYLE="padding: 2pt; width: 0.25in"><B><I>8.</I></B></TD><TD STYLE="padding: 2pt"><B><I>Outlook</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom begins the year 2023 with a renewed commitment
to continue offering customers the best comprehensive ecosystem of digital, connectivity, and entertainment services aimed at enhancing
their everyday activities and allowing individuals, companies, governments, and institutions to expand opportunities, through technology
and digital transformation.</P>

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

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To fulfill this commitment, it is necessary to
consolidate the sustainability of the Company&rsquo;s operations, which are affected by the macroeconomic variables of Argentina. Once
again, it is essential to focus on the optimization of processes and efficiencies, in order to face a complex circumstantial scenario,
characterized by unpredictability, inflation acceleration, exchange rate instability, and increased interest rates, in addition to difficulties
in accessing the foreign exchange market for the purchase of technological equipment, among others, due to the scarcity of foreign exchange
in the country.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Despite sustained efforts to mitigate the impact
of these variables on Telecom's economic and financial results, the Company, like other links in the value chain of the ICT industry,
requires constant equalization between its sources of revenues in pesos and the need to make intensive dollarized investments for infrastructure
deployment and systems development. This challenge, which we have been facing over the last few years, has recently intensified and generated
an even more complex scenario for the immediate future.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">However, Telecom has an ongoing investment plan,
which encourages the commitment and development of the country. Despite the unfavorable macroeconomic context at a regional and global
level, the Company has been maintaining high levels of investment, necessary not only to grow but also to maintain the quality of service
it provides to its more than 30 million customers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On the other hand, there is still an uncertain
scenario for ICT companies generated by Emergency Decree No. 690/20, whereby the National Executive Branch declared ICT Services as public
services subject to competition. In this context, the injunction ordering the suspension of the application of the Emergency Decree for
a period of six months is in force until September 2023.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Throughout its track-record, the Company has built
a solid financial profile with high credibility in the capital market, both locally and internationally, which allows us to continue obtaining
financing, even in a context of a credit crunch in the country and the tightening of financial conditions worldwide.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During 2023, the Company will continue to analyze
the evolution of international markets in search of financing opportunities in line with its financial strategy, and access local capital
markets and/or apply for bank loans with local entities to meet its financial needs and drive the investment plan.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Telecom will continue to consolidate its position
as a leader in digital services, developing talent for this industry, eager to continue building the services of the future. In this sense,
the Company accompanies the evolution toward a Tech-Co with regional reach, investing in the reconversion of digital skills, through the
reskilling of its employees&rsquo; hard and soft skills, implementing agile methodologies and promoting a collaborative leadership model.
This contributes to strengthening the digital mindset that the Company requires today, which is also reflected in new digital business
products and services, using technologies such as the internet of things (IoT), smarthome, cybersecurity, and fintech solutions, the latter
through Personal Pay.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In this sense, the Company continues with the evolution
of its operating model, with technological enablers that provide innovation, such as automation processes, artificial intelligence, cloudification
and management of big data, to continue scaling the digitization of operations in an efficient and agile way.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In line with its purpose, the Company will continue
to drive the growth of the digital economy, expand talent, and accompany the evolution of various variables such as energy efficiency,
which are pillars of sustainable management. Along this path, we continue to build the future.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Carlos Moltini</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Chairman of the Board of Directors</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="1" STYLE="border: Black 1pt solid; padding: 2pt; background-color: White; font: bold 10pt Arial, Helvetica, Sans-Serif"><A NAME="d_002"></A>CORPORATE INFORMATION</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INDEPENDENT AUDITORS</U></B> Price Waterhouse
 &amp; Co S.R.L. (member of PricewaterhouseCoopers)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-align: justify"><FONT STYLE="border: Black 1pt solid"><B>BYMA</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border-style: none; width: 74%; border-collapse: collapse; margin-left: 0.2in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Market quotation ($/share)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Volume of shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 35%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>traded (in millions)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">235.05</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">192.50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2Q22</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">246.90</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">202.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.2</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3Q22</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">298.85</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">234.55</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">368.80</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">241.05</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">499.50</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">332.25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.4</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.1pt; text-align: justify"><FONT STYLE="border: Black 1pt solid"><B>NYSE*</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 17.1pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border-style: none; width: 74%; border-collapse: collapse; margin-left: 0.2in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Market quotation (US$/ADR)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Volume of ADRs</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 35%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>traded (in millions)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q22</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.01</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.82</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2Q22</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.58</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.51</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3Q22</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.82</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.45</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.85</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.70</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-align: justify">* Calculated at 1 ADR = 5 shares</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INVESTOR RELATIONS</U></B> for information
about Telecom Argentina S.A., please contact:</FONT></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border-style: none; width: 44%; border-collapse: collapse; margin-left: 15.85pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>In Argentina</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Telecom Argentina S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investor Relations Division</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General Hornos 690</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1272) Autonomous City of Buenos Aires</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Blue"><U>https://inversores.telecom.com.ar/ar/es/contacto.html</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 19.95pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border-style: none; width: 44%; border-collapse: collapse; margin-left: 15.85pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Outside Argentina</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JPMorgan Chase Bank N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">383 Madison Avenue, Floor 11.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">New York, NY10179</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Attn: Depositary Receipts Group</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Tel: +1 212 622 5935</P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INTERNET</U></B> http://institucional.telecom.com.ar/inversores/</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>DEPOSIT AND TRANSFER AGENT FOR ADSs</U></B></FONT></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border-style: none; width: 44%; border-collapse: collapse; margin-left: 15.85pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JPMorgan Chase Bank N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">383 Madison Avenue, Floor 11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">New York, NY10179</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Attn: Depositary Receipts Group</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Blue"><U>adr@jpmorgan.com</U></FONT><U> &ndash;
    <FONT STYLE="color: Blue">www.adr.com</FONT></U></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</FONT></P>

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

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  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Telecom
    Argentina S.A.</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">May 11, 2023</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Luis F. Rial
    Ubago</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Luis F. Rial Ubago</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Responsible for Market Relations</FONT></TD></TR>
  </TABLE>
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