<SEC-DOCUMENT>0001104659-24-063399.txt : 20240520
<SEC-HEADER>0001104659-24-063399.hdr.sgml : 20240520
<ACCEPTANCE-DATETIME>20240520160541
ACCESSION NUMBER:		0001104659-24-063399
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240520
FILED AS OF DATE:		20240520
DATE AS OF CHANGE:		20240520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELECOM ARGENTINA SA
		CENTRAL INDEX KEY:			0000932470
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		24964407

	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>tm2414820d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; 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 2024</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="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; 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="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 16%">
</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; 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"><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, 2024</B></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; text-align: center; 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"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>General Hornos 690<BR>
 (C1272ACK) Autonomous city of Buenos Aires<BR>
 Republic of 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">&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">&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">&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 0pt 0.45in; text-indent: -0.45in"></P>

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

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

<P STYLE="font: 6pt 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>AS OF
MARCH&nbsp;31, 2024 AND 2023</U></B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.5in; width: 92%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Unaudited
    condensed consolidated financial statements</U></B></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consolidated
    statements of financial position</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><A HREF="#a_002">F-3</A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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</A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify; text-indent: 7.3pt"><A HREF="#a_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Notes
    to the unaudited condensed consolidated financial statements</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-size: 10pt; text-align: right"><A HREF="#a_007">F-8</A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><A HREF="#a_008"><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="#a_008">I</A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><A HREF="#a_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Corporate
    information</U></B></FONT></A></TD>
    <TD STYLE="text-align: right; padding-top: 6pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; width: 100%; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
    following explanations are not technical definitions, but to assist the general reader to understand certain terms as used in these
    unaudited condensed consolidated financial statements.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>ADS:
    </I>Telecom Argentina&rsquo;s American Depositary Share, listed on the New York Stock Exchange, each representing five Class&nbsp;B
    Shares.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>ADR:
    </I>American Depositary Receipt.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>BYMA
    (Bolsas y Mercados Argentinos): </I>Buenos Aires Stock Exchange<I>.</I></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>CAPEX:
    </I>Capital expenditures.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>CNV
    (Comisi&oacute;n Nacional de Valores):</I> The Argentine National Securities Commission.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Company/Telecom
    Argentina</I>: Telecom Argentina S.A.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>CVH:
    </I>Cablevisi&oacute;n Holding S.A., controlling company of Telecom Argentina since January&nbsp;1, 2018.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>DFI:
    </I>Derivate Financial Instrument.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>DNU
    (Decreto de Necesidad y Urgencia): </I>Decree of Urgency issued by the Argentine Government.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>FACPCE
    (Federaci&oacute;n Argentina de Consejos Profesionales en Ciencias Econ&oacute;micas):</I> Argentine Federation of Professional Councils
    of Economic Sciences.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Fintech:
    </I>Fintech Telecom LLC, a Telecom Argentina shareholder.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>fintech:
    </I>Financial technology services are activities that involve the use of innovation and technological developments for the design,
    offer and provision of financial products and services.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Fixed
    Assets: </I>Includes PP&amp;E,&nbsp;Intangible assets, Goodwill and Rights of use assets.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>IAS:
    </I>International Accounting Standards.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>IASB</I>:
    International Accounting Standards Board.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>IFRS
    Accounting Standards</I>: International Financial Reporting Standards, as issued by the IASB.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>INDEC
    </I>(Instituto Nacional de estad&iacute;sticas y censos): The National Institute of statistics and cense.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>LAD
    (Ley Argentina Digital): </I>Argentine Digital Law No.&nbsp;27,078.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>LGS
    (Ley de General de Sociedades): </I>Argentine Corporations Law No.&nbsp;19,550 as amended. Since the enforcement of the new Civil
    and Commercial Code its name was changed to &ldquo;General Corporations Law&rdquo;.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Micro
    Sistemas/Pem/Cable Imagen/AVC Continente Audiovisual/Inter Radios/Personal Smarthome/NYS2/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: Micro Sistemas S.A.U., Pem S.A.U., Cable Imagen S.R.L.,
    AVC Continente Audiovisual S.A.,&nbsp;Inter Radios S.A.U., Personal Smarthome S.A., NYS2 S.A.U., Negocios y Servicios S.A.U.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>NYSE:
    </I>New York Stock Exchange<I>.</I></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>OPH:
    </I>Name corresponding to company Open Pass Holding LLC that is a joint venture of Telecom Argentina.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>PEN
    (Poder Ejecutivo Nacional): </I>The executive branch of the Argentine government.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>PP&amp;E:
    </I>Properties, plant and equipment.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>RECPAM
    (Resultado por exposici&oacute;n a los cambios en el poder adquisitivo de la moneda):</I> Inflation Adjustment Gain (Loss).</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>RT:
    </I>Technical resolutions issued by the FACPCE.</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

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

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt; width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>RT
    26</I>: Technical resolution No, 26 issued by the FACPCE, amended by RT29 and RT43.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Telecom:
    </I>Telecom Argentina and its consolidated subsidiaries.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Telecom
    USA/ N&uacute;cleo/ Personal Env&iacute;os/ Tuves Paraguay/ Televisi&oacute;n Dirigida/ Adesol/ Opalker/Ubiquo/ Micro Fintech Holding:
    </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., Opalker S.A., Ubiquo Chile Spa and Micro Fintech Holding LLC, respectively,
    companies that are directly or indirectly controlled according to the definition of the General Corporations Law.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>USA:
    </I>United States of America</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>UVA
    (Unidad de Valor Adquistivo): </I>Purchasing Value Unit, an index developed and published by the Banco Central de la Rep&uacute;blica
    Argentina.</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2.5pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>VLG</I>:
    VLG S.A.U. (formerly VLG Argentina LLC), a company that was merged and absorbed by CVH.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></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"></P>


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 59%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>March&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ASSETS</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">150,604</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">242,252</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">315,094</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">187,964</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade
    receivables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">208,647</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">201,457</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
    receivables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51,774</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">51,611</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inventories</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">44,208</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">47,805</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total
    current assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>770,327</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>731,089</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-Current
    Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade
    receivables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">355</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
    receivables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">21,351</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29,763</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deferred
    income tax assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">16,282</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">20,947</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">32,937</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">36,097</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Goodwill</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,337,135</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,340,988</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PP&amp;E</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,283,930</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,444,604</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Intangible
    assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,355,603</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,374,340</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Right
    of use assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">325,633</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">327,036</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total
    non-current assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>7,373,226</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>7,574,157</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL
    ASSETS</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8,143,553</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>8,305,246</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade
    payables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">415,440</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">541,069</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Borrowings</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">854,148</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">854,356</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Salaries
    and social security payables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">127,776</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">138,188</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income
    tax payables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,929</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,368</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
    taxes payables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">61,300</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">59,357</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Leases
    liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">40,178</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">43,570</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
    liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26,736</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">31,022</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provisions</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,228</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,097</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total
    current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>1,533,735</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>1,678,027</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-Current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trade
    payables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,192</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,386</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Borrowings</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1,591,888</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,372,263</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Salaries
    and social security payables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,836</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,654</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deferred
    income tax liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">906,453</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">699,192</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
    taxes payables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Leases
    liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">73,351</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">90,835</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
    liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,213</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,710</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Provisions</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">35,022</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">39,599</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Total
    non-current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2,633,962</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>3,222,656</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL
    LIABILITIES</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>4,167,697</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>4,900,683</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EQUITY
    </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Equity
    attributable to Controlling Company</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,885,937</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,286,979</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Equity
    attributable to non-controlling interest</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">89,919</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">117,584</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>3,975,856</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>3,404,563</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TOTAL
    LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>8,143,553</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>8,305,246</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_003"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>CONSOLIDATED
INCOME STATEMENTS</U></B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Three-month period<BR> ended March&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; width: 73%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2023
    </U>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>21</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>683,916</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>833,213</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(157,824)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(200,408)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Interconnection
    and transmission costs </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,088)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,855)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(100,037)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(97,685)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(52,700)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(64,161)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(35,507)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,550)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,857)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(38,663)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(37,456)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(47,770)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,020)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(25,208)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,293)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(33,620)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(233,281)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(264,278)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    loss</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(26,147)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,985)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings
    (losses) from associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,359)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,648</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    costs</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">797,844</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,582</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115,520</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,567</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income
    before income tax </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>885,858</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>64,812</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Income
    tax benefit (expense) </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(210,826)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,665</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income for the period</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>675,032</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>110,477</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Controlling
    Company</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">672,260</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107,669</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,772</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,808</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>675,032</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>110,477</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Earnings
    per share for income attributable to the Controlling Company - Basic and diluted</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.c</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>312.14</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>49.99</B></FONT></TD></TR>
  </TABLE>

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

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

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

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

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

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_004"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME</U></B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 75%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income for the period</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>675,032</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>110,477</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other
    comprehensive income </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Items
    that may be reclassified to profit or loss</U></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(104,170)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,987)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">698</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(791)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 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="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(267)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">295</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other
    comprehensive loss, net of tax</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>(103,739)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>(3,483)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    comprehensive income for the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>571,293</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>106,994</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling
    Company</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">598,958</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">104,663</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(27,665)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">2,331</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>571,293</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>106,994</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>&nbsp;</I></P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_005"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</U></B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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; font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 31%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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<BR>
</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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; border-bottom: Black 1pt solid; white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; width: 9%; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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
    <BR>
reserve for<BR>
 IFRS<BR>
 implementation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>
 loss</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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 non-<BR>
controlling <BR>
interest</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;1, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>1,301,576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,208,341</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>77,354</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>28,363</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>278,680</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(155,136)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(981,309)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,760,023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>76,542</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,836,565</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">107,669</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>107,669</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,808</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>110,477</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">(3,006)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(3,006)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">(477)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(3,483)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(3,006)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>107,669</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>104,663</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>2,331</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>106,994</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 March&nbsp;31, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>1,301,576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,208,341</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>77,354</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>28,363</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>278,680</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(158,142)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(873,640)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,864,686</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>78,873</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,943,559</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;1, 2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>1,301,576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>1,914,960</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>77,354</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>28,363</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>432,389</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(79,042)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(390,775)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,286,979</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>117,584</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,404,563</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">672,260</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>672,260</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,772</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>675,032</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">(73,302)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(73,302)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">(30,437)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(103,739)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(73,302)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>672,260</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>598,958</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>(27,665)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt"><B>571,293</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 March&nbsp;31, 2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>2,154</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>1,301,576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>1,914,960</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>77,354</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>28,363</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>432,389</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>(152,344)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>281,485</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,885,937</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>89,919</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 6pt"><B>3,975,856</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></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: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_006"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>CONSOLIDATED
STATEMENTS OF CASH FLOWS</U></B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 67%; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    income for the period</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">675,032</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">110,477</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allowances
    deducted from assets </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,009</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,074</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation
    of PP&amp;E</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">177,941</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,796</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amortization
    of intangible assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,873</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,299</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amortization
    of rights of use assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,386</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,118</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Disposals
    of Fixed Assets and consumption of materials</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">338</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">268</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Earnings
    (losses) from associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,359</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,648)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    results and others</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(950,299)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(108,452)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210,826</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(45,665)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax paid (*)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(252)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,133)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase in assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(120,468)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(103,848)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase in liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">102,484</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">69,832</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>171,229</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>206,118</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments
    for PP&amp;E</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(68,032)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(68,606)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments
    for intangible asset acquisitions</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,991)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,305)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends
    from associates</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">281</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,566</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments
    for investments not considered as cash and cash equivalents </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(161,394)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(166,473)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from sale of investments not considered as cash and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">8,352</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">698</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>(224,218)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>(237,682)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from borrowings</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">191,171</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">163,080</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment
    of borrowings</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(73,487)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(65,015)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment
    of interests and related expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(76,409)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(70,736)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments
    of leases liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,619)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,594)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>27,656</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>9,735</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(25,333)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(21,829)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>242,252</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>189,109</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(66,315)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(5,950)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>150,604</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>161,330</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 55%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Three-month
                                            period</U></B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 14.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>ended
    March&nbsp;31,</U></B></FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 35%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,005)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(252)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(128)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(252)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,133)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>&nbsp;</I></P>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_007"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>NOTES
TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL<BR>
STATEMENTS AS OF MARCH&nbsp;31, 2024 AND 2023 (*)</U></B></FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; width: 90%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; width: 10%; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><A HREF="#a_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    1 &ndash; Basis of preparation of the unaudited condensed consolidated financial statements and significant accounting policies</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-9</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><A HREF="#a_011"><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; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-12</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    3 &ndash; Trade receivables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-14</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    4 &ndash; Other receivables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-14</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    5 &ndash; Inventories</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-14</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    6 &ndash; Goodwill</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-15</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    7 &ndash; PP&amp;E</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-15</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    8 &ndash; Intangible assets</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-15</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_018"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    9 &ndash; Right of use assets</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_018"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-16</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_019"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    10 &ndash; Trade payables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_019"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-16</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_020"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    11 &ndash; Borrowings</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_020"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-16</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_021"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    12 &ndash; Salaries and social security payables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_021"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-17</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_022"><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; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_022"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-17</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_023"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    14 &ndash; Other taxes payables</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_023"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-18</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_024"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    15 &ndash; Leases liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_024"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-18</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_025"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    16 &ndash; Other liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_025"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-19</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_026"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    17 &ndash; Provisions</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_026"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-19</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_027"><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; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_027"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-20</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_028"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    19 &ndash; Purchase Commitments</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_028"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-21</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_029"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    20 &ndash; Equity</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_029"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-21</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_030"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    21 &ndash; Revenues</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_030"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-22</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_031"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    22 &ndash; Operating expenses</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_031"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-22</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_032"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    23 &ndash; Financial results</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_032"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-23</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_033"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    24 &ndash; Balances and transactions with Companies under Section&nbsp;33 - Law No.&nbsp;19,550 and Related Parties</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_033"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-23</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_034"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    25 &ndash; Recent developments corresponding to the three-month period ended March&nbsp;31, 2024</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_034"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-25</B></FONT></A></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#a_035"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Note
    26 &ndash; Subsequent events to March&nbsp;31, 2024</FONT></A></TD>
    <TD STYLE="padding-top: 6pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#a_035"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>F-25</B></FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></I><P STYLE="border-bottom: Black 1pt solid; font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center">TELECOM
ARGENTINA S.A.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_010"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
1 &ndash; BASIS OF PREPARATION OF THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  AND SIGNIFICANT ACCOUNTING POLICIES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Basis
                                            of preparation and significant accounting policies</U></B></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
the preparation of these unaudited condensed consolidated financial statements, the Company has elected to make use of the option provided
by IAS 34 and has prepared them in its condensed form. Therefore, these financial statements do not include all the information required
in an annual financial statement and, consequently, they must be read jointly with the annual financial statements as of December&nbsp;31,
2023, 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 condensed consolidated financial statements were prepared following the same accounting policies as in the
most recent annual financial statements.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 0.34in">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Company
    </B></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 36%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Main
    Activity</B></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Country</B></FONT></P></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; width: 20%; 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 interest in <BR>
capital stock and votes </B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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
    (a)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 (a)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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
    Smarthome (b)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NYS2
    (b)&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">ICT
    Services and Audiovisual Communication Services.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NYSSA
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Provision
    of internet access services.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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
    (c)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Opalker
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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,
    content platform and related services</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ubiquo
    (d)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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
    services and products</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Chile</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">95.00%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; 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
    Fintech Holding (e)&nbsp;(b)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Holding</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">USA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Regarding
                                            the Merger Commitment of both companies, as of the date of issuance of these unaudited condensed
                                            consolidated financial statements, the approval of the merger from the Public Registry of
                                            Commerce is still pending.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(b)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As
                                            of March&nbsp;31, 2024 is a dormant entity.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(c)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(d)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Company
                                            indirectly acquired by the subsidiary Opalker on June&nbsp;20, 2023.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(e)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">On
                                            October&nbsp;11, 2023, Telecom Argentina established the company Micro Fintech Holding LLC
                                            in the State of Delaware, USA. Telecom Argentina is the owner of 100% of the participation
                                            in such company.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
preparation of these unaudited condensed consolidated financial statements in accordance with IFRS Accounting Standards 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.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">These
unaudited condensed consolidated financial statements are expressed in millions of Argentine pesos, on an accrual basis of accounting
(except for the consolidated statement of cash flows), based on historical cost, except for certain financial assets and liabilities
(includes DFI) that are measured at fair value and are prepared in current currency as of March&nbsp;31, 2024 (see item 1.d).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
figures as of December&nbsp;31, 2023 and for the three-month period ended on March&nbsp;31, 2023, which are disclosed in these unaudited
condensed 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&nbsp;31, 2024. 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></I><P STYLE="border-bottom: Black 1pt solid; font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center">TELECOM
ARGENTINA S.A.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">These
unaudited condensed consolidated financial statements as of March&nbsp;31, 2024, were approved by resolution of the Board of Directors&rsquo;
meeting held on May&nbsp;8, 2024.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Segment
                                            information</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Executive Committee and the CEO have a strategic and operational vision of Telecom as a single business unit, 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 and data 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 costs, they are not specifically allocated to a type of service, considering that the Company has a single payroll and operating
expenses that affect all services in general (non-specific). Further, decisions on CAPEX affect all the types of services provided by
Telecom in Argentina and are not allocated specifically to one of them.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additionally,
Telecom, through Micro Sistemas, develops activities in the fintech industry in Argentina. Telecom also carries out activities abroad
(Paraguay, USA, Uruguay and Chile).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
operations that Telecom develops through Micro Sistemas, and those developed abroad, are not analyzed as a separate segment by the Executive
Committee and the CEO, considering that they are not considered as individually significant. These operations do not meet the aggregation
criteria established by the standard to be grouped within the &quot;ICT Services 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 segments&quot;.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Executive Committee and the CEO continue to monitor this business to evaluate the manner in which its performance is reviewed and, eventually,
its consideration as a separate reportable segment provided it complies with the requirements established by IFRS Accounting Standards
to that effect.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 tax, financial results, Earnings (losses) from associates and joint ventures,
and depreciation, amortization and impairment of Fixed Assets.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Presented
below is the Segment financial information as it is analyzed by the Executive Committee and the CEO for the three-month period ended
March&nbsp;31, 2024 and 2023.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Consolidated
Income Statement as of March&nbsp;31, 2024</U></I></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>ICT
    <BR>
Services<BR>
 in <BR>
Argentina</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>ICT
    <BR>
Services in<BR>
 Argentina &ndash; <BR>
Inflation <BR>
restatement </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>ICT
    <BR>
Services in <BR>
Argentina <BR>
restated for <BR>
inflation</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>

    segments</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>
segments &ndash; <BR>
Inflation <BR>
restatement</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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
    <BR>
segments <BR>
restated for <BR>
inflation</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; 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>559,149</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>61,935</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>621,084</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>59,745</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>7,242</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>66,987</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(4,155)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>683,916</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 7.1pt; text-indent: -7.1pt"><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="font-family: Arial, Helvetica, Sans-Serif; 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">(371,804)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(58,286)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(430,090)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(45,390)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(5,457)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(50,847)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">4,155</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(476,782)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>187,345</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>3,649</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>190,994</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>14,355</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>1,785</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>16,140</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>207,134</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(233,281)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(26,147)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,359)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    cost</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">797,844</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">115,520</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>885,858</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax expense</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(210,826)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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 for the period</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>675,032</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">672,260</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">2,772</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>675,032</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></I><P STYLE="border-bottom: Black 1pt solid; font: bold 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center">TELECOM
ARGENTINA S.A.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>ICT
    Services <BR>
in Argentina</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>ICT<BR>

    Services in <BR>
Argentina &ndash; <BR>
Inflation <BR>
restatement </B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>ICT
    <BR>
Services in <BR>
Argentina <BR>
restated for <BR>
inflation</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>Other
    <BR>
segments</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>Other
    <BR>
segments &ndash; <BR>
Inflation <BR>
restatement</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other<BR>
segments
<BR>
restated for <BR>
inflation</B></FONT></P></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>Eliminations</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>Revenues
    </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>188,104</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>594,368</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>782,472</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>13,126</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>41,451</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>54,577</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>(3,836)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>833,213</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">Operating
    costs without depreciation, amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">(130,435)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">(416,014)</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">(546,449)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">(9,219)</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">(29,088)</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">(38,307)</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">3,836</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">(580,920)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>57,669</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>178,354</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>236,023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>3,907</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>12,363</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>16,270</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>252,293</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="9" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="9" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">(264,278)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    loss</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,985)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="6" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings
    from associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,648</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="6" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    cost</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,582</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="6" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">40,567</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="7" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income
    before income tax</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>64,812</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    tax benefit</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">45,665
    </FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income for the period</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>110,477</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Attributable
    to:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling
    Company</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107,669</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interest</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">2,808</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>110,477</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additional
information per geographical area is disclosed below:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 99%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>As
    of March&nbsp;31,</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>As
    of December&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 61%; padding-right: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>2023</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues
    from customers located in Argentina</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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: 10pt">619,569</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">779,675</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues
    from foreign customers</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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: 10pt">64,347</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">53,538</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAPEX
    corresponding to the segment &ldquo;ICT Services in Argentina&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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: 10pt">94,063</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">89,453</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAPEX
    corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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: 10pt">10,605</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">8,964</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed
    Assets corresponding to the segment &ldquo;ICT Services in Argentina&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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: 10pt">7,004,080</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">7,091,335</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed
    Assets corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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: 10pt">298,221</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">395,633</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings
    corresponding to the segment &ldquo;ICT Services in Argentina&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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: 10pt">2,405,516</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">3,142,343</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings
    corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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: 10pt">40,520</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt">84,276</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 1.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
the three-month period ended March&nbsp;31, 2024 and 2023, the weighted average number of shares outstanding amounted to 2,153,688,011.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>d)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Financial
                                            reporting in hyperinflationary economies</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Since
Argentina has been considered a high-inflation economy for accounting purposes in accordance with IAS 29 since July&nbsp;1, 2018, the
financial information expressed in Argentine pesos is restated in current currency of March&nbsp;31, 2024.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
table below shows the evolution of the indexes as of March&nbsp;31, 2024 and 2023 and December&nbsp;31, 2023 according to official statistics
(INDEC) in accordance with Resolution No.&nbsp;539/18 of the FACPCE and the devaluation of the Argentine peso vs. de US dollar for the
same years / periods:</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.75in; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 70%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As
    of March&nbsp;31,<BR>
 2023</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As
    of December&nbsp;31,<BR>
 2023</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As
    of March&nbsp;31,<BR>
 2024</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">National
    Consumer Price Index (National CPI) (December&nbsp;2016=100)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,381.16</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3,533.19</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">5,357.09</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">104.3%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">211.4%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">287.9%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated
    3 months</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">21.7%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">51.6%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">209.01</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">808.45</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">858</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">88.3%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">356.3%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">310.5%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated
    3 months</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">18.0%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">6.1%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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&nbsp;31, 2023.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_011"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
2 &ndash; CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Cash
                                            and cash equivalents and Investments</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>March&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Cash
    and cash equivalents</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    and Banks&nbsp;&nbsp;(1)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">73,831</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137,926</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time
    deposits</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,016</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53,899</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mutual
    funds</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,400</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,085</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
    bonds at fair value</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,357</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,342</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>150,604</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>242,252</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&nbsp;31, 2024 includes restricted funds for $10,193 million corresponding to the
                                            funds to be paid to clients.</FONT></TD>
</TR></TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Investments</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; width: 17%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Current
    </U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Government
    bonds at fair value</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301,688</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,815</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time
    deposits</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,853</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,361</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mutual
    funds</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">553</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">788</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>315,094</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>187,964</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Non-
    current</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    in associates and joint ventures(a)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,936</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,096</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2003
    Telecommunications Fund</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>32,937</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>36,097</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    investments</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>348,031</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>224,061</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 20%; background-color: white; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Companies</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; 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>Nature
    of <BR>
relationship</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>Main
    activity</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Country</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>Percentage
    of<BR>
 capital<BR>
    stock owned<BR>
 and<BR>
    voting rights<BR>
 (%)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; 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>Valuation
    as of<BR>
 03.31.2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; 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>Valuation
    as of<BR>
 12.31.2023</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Ver
    TV. (1)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cable
    television station</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">49.00</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">14,895</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">15,909</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">TSMA
    (1)&nbsp;(2)&nbsp;(3)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cable
    television station</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">50.10</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">5,770</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">5,783</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">La
    Capital Cable (1)&nbsp;(2)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Closed-circuit
    television</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">50.00</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3,474</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3,409</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">OPH
    (1)(4)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Joint
    venture</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Holding</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">USA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">50.00</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">8,797</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">10,995</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>32,936</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>36,096</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Data
                                            about the issuer arises from extra-accounting information.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Direct
                                            and indirect interest.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Despite
                                            owning a percentage higher than a 50% of interest, the Company does not have the control
                                            in accordance with the requirements of IFRS Accounting Standards.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">As
                                            of March&nbsp;31, 2024, includes $(1,520) million of currency translation adjustments.</FONT></TD>
</TR></TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-months
                                            period<BR>
                                            ended<BR>
                                            March&nbsp;31,</U></B></FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 56%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit
    (loss)</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ver
    TV</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(733)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,125</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TSMA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">217</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">306</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OPH</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(678)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">-</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,359)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,648</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.5in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Additional
                                            information on the consolidated statements of cash flows</U></B></FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    receivables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(85,087)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(62,036)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23,965)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(36,646)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,416)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,166)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(120,468)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(103,848)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    payables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46,413</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58,114</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries
    and social security payables</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,282</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(66)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,681</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,270</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    liabilities and provisions</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,108</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(2,486)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>102,484</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>69,832</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Main
Financing activities components</I></B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 70%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 14%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">191,171</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">109,631</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,473</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,976</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>191,171</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>163,080</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19,263)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,449)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(50,829)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(48,336)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,395)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,230)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(73,487)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(65,015)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22,603)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,735)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(30,357)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,546)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22,235)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(27,590)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">By
    DFI and loans for purchase of equipment</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(1,214)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(16,865)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    payment of interest and related expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(76,409)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(70,736)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 35.45pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>March&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 52%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,710</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,939</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Right
    of use assets acquisition through leases</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,804</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,506</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    payables cancelled with borrowings</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,510</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    payables cancelled with government bonds</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,456</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends
    distribution from associates uncollected</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">504</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse; margin-left: 35.45pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Three-month<BR>
period ended<BR>
March&nbsp;31</B></FONT></P></TD>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Paying<BR>
Company</B></FONT></P></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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>Distributed
    amount</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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>Distribution<BR>

    month</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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<BR>
 date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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: 9pt"><B>Current
    currency<BR>
 as of March&nbsp;31, <BR>
2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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>Collection<BR>

    month</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; 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: 9pt"><B>Current
    currency<BR>
 as of March&nbsp;31,<BR>
 2024</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2024</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 14%; 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: 9pt">Ver
    TV</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">March,
    2024</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">281</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19%; border-right: 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">281</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">March,
    2024</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 15%; border-right: 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">281</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>281</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>281</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><B>TELECOM
ARGENTINA S.A.</B></FONT></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_012"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 3
 &ndash; TRADE RECEIVABLES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 67%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">256,157</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">253,593</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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.&nbsp;19,550 and related parties (Note 24.b)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,541</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,051</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(49,099)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,254)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>208,647</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>201,457</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current
    Trade receivables</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">338</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">356</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">26</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>355</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>382</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    trade receivables, net</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>209,002</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>201,839</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 66%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(53,254)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(72,656)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,020)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,208)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,907</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,728</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,268</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,979</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(49,099)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(73,157)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_013"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 4
 &ndash; OTHER RECEIVABLES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,713</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,255</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    tax credits</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,817</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,750</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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.&nbsp;19,550 and related parties (Note 24.b)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">322</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">328</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,831</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,349</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">68</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Guarantee
    deposits</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,903</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,665</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Call
    option</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,277</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,115</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,887</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,740</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,024)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(2,659)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>51,774</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>51,611</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-Current
    Other Receivables</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,297</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,070</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax credits</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,687</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,499</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    tax credits</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">102</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">271</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">663</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Guarantee
    deposits </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,454</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,235</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">540</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">3,213</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>21,351</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>29,763</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    other receivables, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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>73,125</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>81,374</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,659)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,537)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(270)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(66)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">905</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">632</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,024)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(2,971)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_014"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
5 &ndash; INVENTORIES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 69%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mobile
    handsets and others</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47,147</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,878</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance
    for obsolescence of inventories</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,939)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(2,073)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    inventories</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>44,208</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>47,805</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 66%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,073)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,312)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(895)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(116)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">78</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,939)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,350)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_015"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 6
 &ndash; GOODWILL</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 69%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; 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>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,328,158</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,328,158</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abroad</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,977</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,830</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    goodwill</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,337,135</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,340,988</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 69%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,340,988</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,336,054</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,853)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,337,135</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2,336,034</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_016"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 7
 &ndash; PP&amp;E</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 69%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,321,601</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,481,709</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,831)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,346)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,840)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(3,759)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,283,930</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,444,604</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 69%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,481,709</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,789,784</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">98,191</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,403</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(80,204)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,986)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(154)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(198)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(177,941)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(205,796)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,321,601</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,676,207</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>March&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 69%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(33,346)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(42,867)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Increases)/Decreases</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(743)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,293</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">258</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(33,831)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(39,562)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse; margin-left: 7.1pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 69%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,759)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,642)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(81)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(977)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,840)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,619)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><A NAME="a_017"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
8 &ndash; INTANGIBLE ASSETS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intangible
    assets </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,407,030</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,425,767</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
    allowance</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(51,427)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(51,427)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,355,603</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,374,340</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 64%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,425,767</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,254,419</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,477</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,014</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,341)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20,873)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(33,299)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,407,030</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,224,975</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 64%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(51,427)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(51,315)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(51,427)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(51,315)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><A NAME="a_018"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
9 &ndash; RIGHT OF USE ASSETS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">205,424</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">208,734</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,941</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,138</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,267</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,191</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Indefeasible
    right of use</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,337</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,828</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,664</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">57,145</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>325,633</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>327,036</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 64%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-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>327,036</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>297,143</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,804</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,506</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(184)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(70)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,637)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(93)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(34,386)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(24,118)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-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>325,633</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>308,368</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><A NAME="a_019"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
10 &ndash; TRADE PAYABLES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">407,528</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">532,484</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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.&nbsp;19,550 and Related Parties (Note 24.b)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,912</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,585</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>415,440</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>541,069</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; 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">11,192</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">1,386</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>11,192</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>1,386</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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>426,632</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>542,455</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><A NAME="a_020"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
11 &ndash; BORROWINGS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse; margin-left: 7pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Bank
    overdrafts &ndash; principal </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">190,603</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,652</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Bank
    and other financial entities loans &ndash; principal</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">213,479</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">310,443</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Notes
    &ndash; principal</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">298,092</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">286,531</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Loans
    for purchase of equipment</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,366</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,626</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">Remeasurement,
    interest and related expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">136,608</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">198,104</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>854,148</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>854,356</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Notes
    &ndash; principal</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,049,918</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,514,903</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Bank
    and other financial entities loans &ndash; principal</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">397,014</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">606,002</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Loans
    for purchase of equipment</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,903</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,261</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Remeasurement,
    interest and related expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">136,053</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">235,097</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,591,888</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,372,263</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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>2,446,036</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,226,619</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Balances
    at<BR>
 the<BR>
 beginning of<BR>
 the year</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Net
    Cash<BR>
 Flows</U></B></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Accrued<BR>

    interests</U></B></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; 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><BR>
</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>Balances<BR>

    as of<BR>
 March&nbsp;31,<BR>
 2024</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Bank
    overdrafts </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">35,652</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">191,171</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">(36,220)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>190,603</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Bank
    and other financial entities loans &ndash; principal </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">916,445</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(50,829)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">(255,123)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>610,493</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Notes
    &ndash; principal </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">1,801,434</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(19,263)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">(434,161)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,348,010</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Loans
    for purchase of equipment</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">39,887</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(3,395)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">(12,223)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>24,269</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Remeasurement,
    interest and related expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">433,201</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(76,409)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">56,538</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(140,669)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>272,661</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total
    as of March&nbsp;31, 2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>3,226,619</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>41,275</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>56,538</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(878,396)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2,446,036</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total
    as of March&nbsp;31, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2,215,334</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>26,031</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>12,059</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(*)&nbsp;&nbsp;&nbsp;&nbsp;(43,074)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2,210,350</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(*) Includes
$2,510 million of loans that do not represent cash movement.</FONT></P>

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

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

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

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

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
relation to the situation described in Note 13.c) in the consolidated financial statements as of December&nbsp;31, 2023, the Company
has complied with: a) the EBITDA/ Net Interest ratio and b) the Net Debt/EBITDA ratio established in the waivers obtained in March&nbsp;2024,
and is also in compliance with the rest of the commitments assumed and in force on the date of issuance of these unaudited condensed
consolidated financial statements.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_021"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 12
 &ndash; SALARIES AND SOCIAL SECURITY PAYABLES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 70%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119,540</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">132,006</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,236</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,182</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>127,776</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>138,188</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,836</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,654</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>5,836</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>5,654</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    salaries and social security payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>133,612</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>143,842</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_022"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 13
 &ndash; INCOME TAX PAYABLE AND DEFERRED INCOME TAX ASSETS/LIABILITIES</B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 70%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,218</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,913</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NYSSA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">258</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">224</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adesol</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">354</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">158</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pem</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Opalker</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,929</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2,368</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(*)
Includes $(925) million corresponding to the currency translation adjustments on initial balances of foreign subsidiaries, RECPAM and
to compensation made with tax credits.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax
    carryforward</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(167,621)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(749,569)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance
    for doubtful accounts</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,098)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,447)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Legal
    Claims and contingent liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,956)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,093)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E,
    intangible assets and right of use assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">929,152</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">943,905</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    dividends from foreign companies</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,464</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,669</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax inflation adjustment effect</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">147,179</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">501,365</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    deferred tax liabilities (assets), net</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(3,061)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(239)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    deferred tax liabilities, net</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>891,059</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-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>679,591</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Actions
    for recourse tax receivable</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(1,346)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    deferred tax liability, net </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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;&nbsp;890,171</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>678,245</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    deferred tax assets </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(16,282)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(20,947)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    deferred tax liabilities </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>906,453</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>699,192</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(*)
Includes $2,571 million of currency translation adjustments on foreign subsidiaries&rsquo; initial balances.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of March&nbsp;31, 2024, Telecom and some subsidiaries have cumulative tax loss carryforwards of $479,244 million (including $296 million
of unrecognized tax loss carryforwards for considering them non-recoverable), that calculated considering statutory income tax rate,
represents a deferred tax asset of $167,621 million.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 78%; border-collapse: collapse; margin-left: 35.45pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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 03.31.2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecom</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">450,562</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro
    Sistemas</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">240</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2026</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro
    Sistemas</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,424</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro
    Sistemas</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,505</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro
    Sistemas</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,102</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2029</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interradios</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pem</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2029</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ubiquo</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">No
    deadline</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ubiquo</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">No
    deadline</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC
    Continente Audiovisual</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2026</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC
    Continente Audiovisual</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC
    Continente Audiovisual</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">135</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC
    Continente Audiovisual</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2029</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable
    Imagen</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2021</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2026</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable
    Imagen</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable
    Imagen</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable
    Imagen</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2029</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>479,244</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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<BR>
    ended March&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 71%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    before income tax</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">885,858</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64,812</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-taxable
    items &ndash; Earnings (losses) from associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,359</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,648)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-taxable
    items &ndash; Other</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">320</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,695)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Restatement
    in current currency of Equity, goodwill and other</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">447,470</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">427,734</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><B>1,335,007</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>489,203</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective
    income tax rate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">34.83%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income
    tax expense at statutory tax rate of each companies</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><B>(464,927)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(169,949)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred
    tax liability restatement in current currency and other</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">638,688</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">348,948</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax inflation adjustment</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(382,755)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(130,080)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax on cash dividends of foreign companies</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">(1,832)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(3,254)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income
    tax benefit (expense)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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"><B>(210,826)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,665</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
    tax </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,738)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(310)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred
    tax </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(209,088)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,975</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income
    tax benefit (expense)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(210,826)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>45,665</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_023"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
14 &ndash;OTHER TAXES PAYABLES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    national taxes </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,352</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,329</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provincial
    taxes</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,623</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,311</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal
    taxes</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,325</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">2,717</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>61,300</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>59,357</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-
    current</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provincial
    taxes</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">7</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>7</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>17</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 taxes payables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>61,307</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>59,374</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_024"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
15 &ndash; LEASES LIABILITIES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,295</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,909</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abroad</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,883</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">2,661</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>40,178</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>43,570</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-
    current</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56,632</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">68,732</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Abroad</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,719</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">22,103</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>73,351</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>90,835</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    leases liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>113,529</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>134,405</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 64%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-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>134,405</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>136,445</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases
    (*)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">36,696</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,505</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    results, net (**)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,538</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,902</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,619)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,594)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decreases
    (included RECPAM and currency translation adjustments)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(48,491)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(24,943)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>113,529</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>138,315</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(**) Included
in Other foreign currency exchange gains (losses) and Other interests, net.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_025"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 16
 &ndash; OTHER LIABILITIES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,912</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,063</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,179</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,614</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 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="font-family: Arial, Helvetica, Sans-Serif; 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">600</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">860</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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.&nbsp;19,550 and related parties (Note 24.b)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,559</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,575</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Funds
    to be paid to clients</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,193</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,946</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">1,293</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">964</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>26,736</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>31,022</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,661</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,314</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pension
    benefits</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,936</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,410</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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.&nbsp;19,550 and related parties (Note 24.b)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,485</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,267</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,043</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,556</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">88</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>10,213</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>13,710</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    other liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>36,949</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>44,732</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_026"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
17 &ndash; PROVISIONS</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The evolution
of provisions as of March&nbsp;31, 2024 and 2023 is as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 of<BR>
 December&nbsp;31,<BR>
 2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>Reclassifica-tions</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Payments<BR>
 &nbsp;</B></FONT></P></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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,<BR>

    currency<BR>
 translation<BR>
 adjustments </B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Balances<BR>
as
of<BR>
March&nbsp;31, 2024</B></FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Capital</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(i)</B></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>Financial<BR>

    result <BR>
    (ii)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 26%; 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="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 7%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 7%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legal
    Claims and contingent liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>8,097</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">97</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">1,376</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(1,772)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,570)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>5,228</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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>Total
    current provisions</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>8,097</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>97</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>1,376</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(1,772)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,570)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>5,228</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-
    Current</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legal
    Claims and contingent liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>19,418
    </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">1,749
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">1,460
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;(1,376)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,516)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>17,730
    </B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    retirement obligations</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>20,181</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">4,108</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">(6,997)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>17,292</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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>Total
    non-current provisions</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>39,599</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>5,857</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>1,460</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(1,376)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(10,513)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>35,022</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    provisions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>47,696</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,954</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,460</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,777)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(13,083)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>40,250</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 of<BR>
 December&nbsp;31,<BR>
 2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>Reclassifica-tions</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Payments</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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,
    <BR>
currency<BR>
 translation<BR>
 adjustments </B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Balances<BR>
as
of<BR>
March&nbsp;31, 2023</B></FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Capital<BR>
(iii)</B></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>Financial<BR>

    result <BR>
    (ii)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 7%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 7%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legal
    Claims and contingent liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>12,435</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">1,098</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,091</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(1,792)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,156)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>12,676</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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>Total
    current provisions</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>12,435</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>1,098</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>3,091</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(1,792)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,156)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>12,676</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-
    Current</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legal
    Claims and contingent liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>30,723</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,177</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">1,458</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,091)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,664)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>29,603</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    retirement obligations</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>24,304</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">(4,325)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>19,979</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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>Total
    non-current provisions</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>55,027</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>4,177</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>1,458</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(3,091)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>(7,989)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>49,582</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    provisions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67,462</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,275</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,458</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,792)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,145)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>62,258</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(i)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,846
                                            million charged to Other operating expenses and $4,108 million to Right of use assets.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(ii)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Charged
                                            to Other financial results, net - Other interests, net.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(iii)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Charged
                                            to Other operating expenses.</FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_027"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
18 &ndash; ADDITIONAL INFORMATION OF FINANCIAL ASSETS AND LIABILITIES</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
assets and liabilities denominated in foreign currencies as of March&nbsp;31, 2024, and December&nbsp;31, 2023 are the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 66%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 36%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>03.31.2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">189,971</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: 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">271,373</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(2,341,538)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(3,414,888)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(2,151,567)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(3,143,515)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
following table presents financial assets and liabilities that are offset as of March&nbsp;31, 2024 and December&nbsp;31, 2023:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 8pt"><B>As
    of March&nbsp;31, 2024</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 55%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 8pt"><B>Trade<BR>

    receivables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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: 8pt"><B>Other<BR>

    receivables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; 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: 8pt"><B>Trade<BR>

    payables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; 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: 8pt"><B>Other<BR>

    liabilities</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current
    and non-current assets (liabilities) - Gross value</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">212,151</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,578</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(429,781)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(22,644)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offsetting</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,149)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,472)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,149</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,472</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><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; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>209,002</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27,106</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(426,632)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(20,172)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 8pt"><B>As
    of December&nbsp;31, 2023</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 55%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 8pt"><B>Trade<BR>

    receivables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 12%; 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: 8pt"><B>Other<BR>

    receivables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; 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: 8pt"><B>Trade<BR>

    payables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; 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: 8pt"><B>Other<BR>

    liabilities</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current
    and non-current assets (liabilities) - Gross value</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">212,880</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37,122</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(553,496)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(25,489)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offsetting</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,041)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,322)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,041</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,322</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><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; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>201,839</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>35,800</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(542,455)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(24,167)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
assets and liabilities recognized at fair value as of March&nbsp;31, 2024 and December&nbsp;31, 2023, and the level of hierarchy are
listed below:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 55%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>March&nbsp;31,
    2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; 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>Level
    1</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; 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>Level
    2</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; 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>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current
    Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mutual
    Funds (1)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,953
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; 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="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,953
    </FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government
    bonds (1)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">317,045
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; 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="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">317,045
    </FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables: DFI</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,831
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,831
    </FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables: Indemnification assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10
    </FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current
    Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables: DFI</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">271
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">271
    </FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; 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>321,998
    </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; 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>2,112
    </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; 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>324,110
    </B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">600
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">600
    </FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,043
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,043
    </FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; 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>&nbsp;-</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; 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>1,643
    </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; 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>1,643
    </B></FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 7pt 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">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mutual
Funds are included in &ldquo;Cash and cash equivalents&rdquo; and &ldquo;Investments&rdquo;. Government bonds are included in &ldquo;Cash
and cash equivalents&rdquo; and &ldquo;Investments&rdquo;.</FONT></TD>
</TR></TABLE>


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 55%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>December&nbsp;31,
    2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; 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>Level
    1</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; 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>Level
    2</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; 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>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current
    Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mutual
    Funds (1)&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;21,873</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;21,873</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Government
    bonds (1)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;198,157</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;198,157</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables: DFI</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;2,349</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">2,349</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables: Indemnification assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;15</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current
    Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables: DFI</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">663</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;663</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>&nbsp;220,030</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>&nbsp;3,027</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>&nbsp;223,057</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">860</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;860</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;1,556</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">1,556</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>&nbsp;-</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>&nbsp;2,416</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2,416</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Mutual
                                            Funds are included in &ldquo;Cash and cash equivalents&rdquo; and &ldquo;Investments&rdquo;.
                                            Government bonds are included in &ldquo;Cash and cash equivalents&rdquo; and &ldquo;Investments&rdquo;.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
relation to the fair values set forth above, as of March&nbsp;31, 2024, 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&nbsp;31, 2023.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of March&nbsp;31, 2024, fair value of borrowings is as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 59%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 46%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;1,450,479</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;1,374,040</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    borrowings</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">995,557</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;1,001,432</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;2,446,036</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;2,375,472</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_028"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
19 &ndash; PURCHASE COMMITMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Company has entered into various purchase commitments with domestic and foreign suppliers amounting to approximately $555,780 million
as of March&nbsp;31, 2024 (of which $166,041 million corresponds to Fixed Assets commitments). These purchase commitments include those
that contain &ldquo;take or pay&rdquo; clauses, which force the buyer to purchase a quantity of a product or service in a period, usually
annually, or, alternatively, to pay that amount even if it has not been taken or accepted to receive it.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_029"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
20 &ndash; EQUITY</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Capital
                                            Stock</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of March&nbsp;31, 2024 and December&nbsp;31, 2023, 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, as detailed below:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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&nbsp;of
    Shares</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 2%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class&nbsp;&ldquo;A&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class&nbsp;&ldquo;B&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class&nbsp;&ldquo;C&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class&nbsp;&ldquo;D&rdquo;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Restrictions
                                            on distribution of profits</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Under
the LGS, the by-laws of the Company and rules&nbsp;and regulations of the CNV, a minimum of 5% of net income for the year in accordance
with the statutory books, plus/less previous years&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.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_030"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
21 &ndash; REVENUES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 98%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 March&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 74%; 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="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">278,328</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">339,812</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">168,535</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">182,364</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">101,424</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">154,795</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95,749</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95,032</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,836</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">6,769</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>Subtotal
    Services revenues</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>651,872</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>778,772</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">32,044</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">54,441</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>683,916</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>833,213</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_031"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
22 &ndash; OPERATING EXPENSES</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
expenses disclosed by nature of expense amounted to $710,063 million and $845,198 million for the three-month period ended March&nbsp;31,
2024 and 2023, respectively. The main components of the operating expenses are the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 March&nbsp;31,</U></B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 70%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2023</U></B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Employee
    benefit expenses and severance payments</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries,
    social security expenses and benefits </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(141,159)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(187,705)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Severance
    indemnities </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,484)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,085)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    employee expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(3,181)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(2,618)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(157,824)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(200,408)</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Fees
    for services, maintenance, materials and supplies</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Maintenance
    and materials</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,495)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(46,924)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees
    for services</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45,757)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(49,919)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Directors
    and Supervisory Committee&rsquo;s members&rsquo; fees</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(785)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(842)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(100,037)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(97,685)</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Taxes
    and fees with the Regulatory Authority</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Turnover
    tax</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(27,284)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(30,820)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Regulatory
    Entity Fees</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,687)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,453)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal
    taxes</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,315)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,591)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    taxes and fees</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,414)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,297)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(52,700)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(64,161)</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Cost
    of equipment </U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventory
    balance at the beginning of the year</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(49,878)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(32,756)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Plus:</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 11.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchases</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23,501)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(46,149)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 11.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,375</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,275</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less:</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventory
    balance at the end of the period</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">47,147</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">35,967</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(23,857)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(38,663)</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Other
    operating expenses</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Legal
    Claims and contingent liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,846)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,275)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rental
    and internet capacity</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,862)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,837)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Energy,
    water and other services</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14,025)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,543)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Postage,
    freight and travel expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,138)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,508)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,422)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,457)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(27,293)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(33,620)</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Depreciation,
    amortization and impairment of Fixed Assets</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation
    of PP&amp;E</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(177,941)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(205,796)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization
    of intangible assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20,873)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,299)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization
    of rights of use assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(34,386)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(24,118)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
    of Fixed Assets </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(81)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">(1,065)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(233,281)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(264,278)</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 38%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Concept</B></FONT></P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>
    03.31.2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(83,022)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(35,354)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(39,448)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(157,824)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(200,408)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Interconnection
    costs and transmission costs</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(25,088)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(25,088)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(24,855)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(36,373)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(19,608)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(44,056)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(100,037)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(97,685)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(52,094)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(365)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(241)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(52,700)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(64,161)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(35,507)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(35,507)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(48,550)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(23,857)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(23,857)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(38,663)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(37,456)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(37,456)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(47,770)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(17,020)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(17,020)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(25,208)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(17,795)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(4,891)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(4,607)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(27,293)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(33,620)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(184,044)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(32,396)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(16,760)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(81)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(233,281)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(264,278)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total
    as of 03.31.2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(459,729)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(92,614)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(157,639)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(81)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(710,063)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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: 7pt"><B>(552,320)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 7pt"><B>(102,657)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 7pt"><B>(189,156)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 7pt"><B>(1,065)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 7pt"><B>(845,198)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_032"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 23
 &ndash; FINANCIAL RESULTS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>&nbsp;</I></B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 March&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 70%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interests
    on borrowings (*)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26,368)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26,833)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Remeasurement
    in borrowings (**)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29,511)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,981</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency exchange gains on borrowings (***)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">853,723</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51,644</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings
    renegotiation results</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,210)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    financial cost</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>797,844</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>34,582</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fair
    value gains/(losses) on financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23,767)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,047)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    foreign currency exchange gains (losses)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">97,655</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,157)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    interests, net </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,536</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,976</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    taxes and bank expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,621)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,064)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    expenses on pension benefits</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(714)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,043)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    discounts on assets, debts and others</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,227)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,700</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">62,129</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    other financial results, net</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>115,520</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>40,567</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    financial results, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>913,364</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>75,149</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(*)
Includes $659 million and $217 million corresponding to net income and losses generated by DFI in the three-month period ended March&nbsp;31,
2024 and 2023, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(**)
Related to Notes issued in UVA.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(***)
Includes $(1,916) million corresponding to net losses generated by DFI in the three-month period ended March&nbsp;31, 2023.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_033"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 24
- BALANCES AND TRANSACTIONS WITH COMPANIES UNDER SECTION&nbsp;33 - LAW No.&nbsp;19,550 AND RELATED PARTIES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Controlling
                                            Company</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">CVH
is the controlling company of Telecom Argentina, holding 28.16% of the capital stock of the Company. Additionally, both VLG (company
subsequently absorbed 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Balances
                                            with Companies under section 33 - Law No.&nbsp;19,550 and Related Parties</B></FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 92%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 34%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT
    ASSETS</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 31%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>March&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    receivables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">15</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Joint
    venture</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">23</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">41</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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>38</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>56</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    receivables </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">317</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">318</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">2</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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>319</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>321</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 92%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 34%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT
    LIABILITIES</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 29%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 19%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>March&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    payables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TSMA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">997</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,624</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,002</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,631</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,559</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,575</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,559</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,575</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NON
    - CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,485</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,267</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,485</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,267</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 92%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 34%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT
    ASSETS</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 29%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 19%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>March&nbsp;31,</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    receivables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,503</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">995</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,503</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>995</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    receivables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT
    LIABILITIES</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    payables</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,910</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,954</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,910</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,954</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Transactions
                                            with companies under section 33 - Law No.&nbsp;19,550 and related parties</B></FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Transaction</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Kind
    of related<BR>
 party</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Three-month
                                            period</U></B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>ended
    March&nbsp;31,</U></B></FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 22%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 37%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Profit
    (loss)</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Revenues</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services
    revenues and other revenues</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services
    revenues and other revenues</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services
    revenues and other revenues</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>106</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fees
    for services</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(181)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(877)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(181)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(877)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Transaction</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Three-month
                                            period</U></B></FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>ended
    March&nbsp;31,</U></B></FONT></P></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 22%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 52%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Profit
    (loss)</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Revenues</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services
    and advertising revenues</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,068</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">655</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,068</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>655</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Programming
    costs</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,777)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,067)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Editing
    and distribution of magazines</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(832)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,253)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Advisory
    services</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(836)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,152)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Advertising
    purchases</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(137)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(427)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    purchases and commissions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(756)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(322)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(8,338)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,221)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></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="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_034"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE 25
 &ndash; RECENT DEVELOPMENTS CORRESPONDING TO THE THREE-MONTH PERIOD ENDED MARCH&nbsp;31, 2024</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 1.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1.</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Regulatory
                                            issues</U></B></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
relation to the situation described in Note 2.c).i) in the consolidated financial statements as of December&nbsp;31, 2023, on February&nbsp;20,
2024 the precautionary measure, which suspended the application of the Decree No.&nbsp;690/20, was extended for an additional period
of six months, remaining in force until August&nbsp;20, 2024. Consequently, the precautionary measure is fully in force as of the issuance
date of these unaudited condensed consolidated financial statements.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Finally,
through Decree No.&nbsp;302/24 published in the Official Gazette on April&nbsp;9, 2024, the PEN derogated the aforementioned Decree No.&nbsp;690/20.
As of the date of issuance of these unaudited condensed consolidated financial statements, the Company is analyzing the effects of the
derogation of the Decree.</FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_035"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>NOTE
26 &ndash; SUBSEQUENT EVENTS TO MARCH&nbsp;31, 2024</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>1)</B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Provisions
                                            of the Telecom Ordinary and Extraordinary Shareholders&rsquo; meeting</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">At
the Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April&nbsp;25, 2024, the shareholders of Telecom decided, among other:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 34.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">To
                                            approve the Board of Directors&rsquo; proposal stated in current currency as of March&nbsp;31,
                                            2024 using the National Consumer Price Index pursuant to CNV Resolution No.&nbsp;777/18 in
                                            connection with the Accumulated Deficit as of December&nbsp;31, 2023 for $257,730 million
                                            ($390,775 million in current currency as of March&nbsp;31, 2024): (i)&nbsp;absorb the amount
                                            of $257,730 million ($390,775 million in current currency as of March&nbsp;31, 2024) from
                                            the &ldquo;Voluntary reserve to maintain the Company's level of capital expenditures and
                                            its current solvency level&rdquo;;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 34.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to
                                            reclassify the amount of $84.257 million ($127,752 million in current currency as of March&nbsp;31,
                                            2024) from &ldquo;Voluntary reserve to maintain the Company's level of capital expenditures
                                            and its current solvency level&rdquo; and to be charged against the &ldquo;Contributed Surplus&rdquo;;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 34.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(iii)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to
                                            delegate on the Board of Directors the power to reverse between October&nbsp;1, 2024 and
                                            December&nbsp;31, 2024 the &ldquo;Voluntary reserve to maintain the Company's level of capital
                                            expenditures and its current solvency level&rdquo; in an amount that allows distribution
                                            of dividends in cash or in kind or any combination of both options, for up to the maximum
                                            amount of distribution of US$ 100 million, once the conditions detailed in Note 13.c) to
                                            the consolidated financial statements as of December&nbsp;31, 2023 are met or waived.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 38%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Carlos
    Moltini</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; 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; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT>&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>OPERATING
AND FINANCIAL REVIEW AND PROSPECTS AS OF MARCH&nbsp;31, 2024</U></B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>General
                                            considerations</I></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
provided under Resolution No.&nbsp;777 issued by the CNV on December&nbsp;28, 2018, this operating and financial review and prospects
discloses the comparative balances, restated to current currency as of March&nbsp;31, 2024.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
table below shows the evolution of the National CPI with the characteristics identified in Note 1.d) to the unaudited condensed consolidated
financial statements, for the last year and as of March&nbsp;31, 2024 and 2023 according to official statistics (INDEC) and the Banco
Naci&oacute;n U.S. dollar exchange rate used for the preparation of this operating and financial review and prospects:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As
    of March&nbsp;31,<BR>
 2023</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As
    of December&nbsp;31, <BR>
2023</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B><U>As
    of March&nbsp;31, <BR>
2024</U></B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">National
    CPI (December&nbsp;2016=100)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,381.16</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3,533.19</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">5,357.09</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">104.3%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">211.4%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">287.9%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated
    3 months</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">21.7%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">51.6%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">209.01</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">808.45</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">858</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">88.3%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">356.3%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">310.5%</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated
    3 months</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">18.0%</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">6.1%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>2.</I></B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Telecom&rsquo;s
                                            activities for the three-month period ended March&nbsp;31, 2024 (&ldquo;3M24&rdquo;) and
                                            2023 (&ldquo;3M23&rdquo;)</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 94%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M24</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M23</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>683,916</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>833,213</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(149,297)</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(17.9)</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(157,824)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(200,408)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,584</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21.2)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interconnection
    and transmission costs </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,088)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(24,855)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(233)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.9</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(100,037)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(97,685)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,352)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.4</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(52,700)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(64,161)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,461</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17.9)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35,507)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(48,550)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,043</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26.9)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23,857)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(38,663)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,806</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(38.3)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(37,456)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(47,770)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,314</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21.6)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,020)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,208)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,188</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(32.5)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(27,293)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,620)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,327</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18.8)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><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; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(233,281)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(264,278)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,997</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.7)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating
    loss</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(26,147)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(11,985)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(14,162)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>118.2</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Earnings
    (losses) from associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,359)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,648</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,007)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    costs</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">797,844</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,582</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">763,262</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115,520</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,567</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">74,953</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184.8</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income
    before income tax </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>885,858</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>64,812</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>821,046</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax benefit (expense) </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(210,826)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,665</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(256,491)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income for the period</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>675,032</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>110,477</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>564,555</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income attributable to:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling
    Company</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">672,260</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">107,669</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">564,591</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,772</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,808</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(36)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.3)</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>675,032</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>110,477</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>564,555</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><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="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>312.14</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>49.99</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
    EBITDA(1)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">207,134</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">252,293</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45,159)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17.9)</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted
                                            EBITDA is a non-GAAP measure, defined as our net (loss) income less income tax benefit (expense),
                                            financial results, earnings (losses) from associates and joint ventures, depreciation, amortization
                                            and impairment of Fixed Assets. For further information on the use of adjusted EBITDA, see
                                            &ldquo;Adjusted EBITDA&rdquo;.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">In
3M24, net income amounted to $675,032 million (compared to an income of $110,477 million in 3M23), representing 98.7% of revenues (compared
to 13.3% in 3M23). The increase in 3M24 compared to 3M23 was mainly due to a higher financial results, net gains for $838,215 million
which were partially offset by a decrease in income tax benefit (expense) of $256,491 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
3M24, Adjusted EBITDA totaled $207,134 million, representing 30.3% of revenues in both periods. The decrease of $45,159 million in 3M24
compared to 3M23 was mainly due to a decrease in revenues of $<FONT STYLE="background-color: white">149,297 </FONT>million, partially
offset by the decrease in operating cost (without depreciation, amortization and impairment of Fixed Assets) of $104,138 million.</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 96%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>3M24</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>3M23</U></B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; 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">278,328</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">339,812</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(61,484)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18.1)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; 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">168,535</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">182,364</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(13,829)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7.6)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; 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">101,424</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">154,795</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(53,371)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(34.5)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; 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">95,749</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">95,032</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">717</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.8</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; 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">7,836</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">6,769</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">1,067</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.8</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>Subtotal
    Services revenues</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>651,872</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>778,772</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>(126,900)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(16.3)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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="font-family: Arial, Helvetica, Sans-Serif; 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">32,044</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">54,441</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">(22,397)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(41.1)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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>683,916</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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>833,213</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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>(149,297)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(17.9)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
3M24 revenues decreased 17.9% or $149,297 million compared to 3M23, amounting to $683,916 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Albeit
the greater demand for services, revenues decreased mainly due to the fact that, as a consequence of the 287.9% annual inflation in Argentina,
the Company (and other competitors in the ICT industry) was unable to increase its prices during 3M24 to the same extent as the increase
in inflation.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues
include $68,571 million and $632,905 million in 3M24 and 3M23, respectively, related to the effect generated by the restatement in current
currency as of March&nbsp;31, 2024.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile
services revenues in 3M24 amounted to $278,328 million (a decrease of $61,484 million or 18.1% as compared to 3M23), being the principal
contributor to our total services revenues for 3M24 (42.7% of services revenues in 3M24 as compared to 43.6% in 3M23). Mobile internet
services revenues remained stable in 3M24 and 3M23 and accounted for 92% of total mobile service revenues in both quarters.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of March&nbsp;31, 2024 included in Mobile services revenues amounted to $28,053
million and $258,294 million in 3M24 and 3M23, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile
services revenues in Argentina amounted to $248,513 million (a decrease of $66,084 million or 21% as compared to 3M23). This decrease
was mainly due to 23.6% decrease in the ARPU, partially offset by a 3.3% increase in the number of customers.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
ARPU amounted to $3,872.0 as of March&nbsp;31, 2024 (compared to $5,071.0 as of March&nbsp;31, 2023). This decrease was mainly explained
by the fact that, as a consequence of the annual 287.9% inflation in Argentina, the Company (and other competitors in the ICT industry)
was unable to increase its prices during 3M24 to the same extent as the increase in inflation (the effect generated by the restatement
in current currency as of March&nbsp;31, 2024 included in ARPU amounted to $381.7 and $3,844.2 as of March&nbsp;31, 2024 and 2023, respectively).
Additionally, the decrease in ARPU is also explained by the fact that we granted greater discounts to customers in order to maintain
the customer base, considering the intense competition in the market and an increase in the migration of customers from postpaid to prepaid
services (which have a lower ARPU than postpaid customers).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
mobile customers in Argentina amounted to 21.2 million and 20.5 million as of March&nbsp;31, 2024 and 2023, respectively. Out of the
total mobile customers as of March&nbsp;31, 2024, 61% were prepaid customers and 39% were postpaid customers, whereas as of March&nbsp;31,
2023, 58% were prepaid customers and 42% were postpaid customers. During 2023 and 2024, we observed a change in customer behavior, resulting
in an increase in prepaid services customers of 8.7% and a decrease in the postpaid services customers of 4.2%. Additionally, the average
churn rate per month amounted to 1.5% in 3M24 (compared to a 1.7% average in 3M23).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile
services revenues generated in Paraguay amounted to $29,815 million in 3M24 (a $4,600 million or 18.2% increase compared to 3M23). The
increase was mainly due to the appreciation of the Guaran&iacute; against the Argentine Peso.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">N&uacute;cleo&rsquo;s
ARPU amounted to $4,251.3 as of March&nbsp;31, 2024 (compared to $3,464.8 as of March&nbsp;31, 2023), representing a 22.7% increase.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">N&uacute;cleo&rsquo;s
customer base remained stable amounting to 2.4 million customers as of March&nbsp;31, 2024. Out of the total mobile customers as of March&nbsp;31,
2024, 75% were prepaid customers and 25% were postpaid customers, whereas as of March&nbsp;31, 2023, 79% were prepaid customers, and
21% were postpaid customers. The average churn rate per month amounted to 2.6% in 3M24 and 3M23, respectively.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Internet
services revenues amounted to $168,535 million in 3M24, decreasing $13,829 million or 7.6% as compared to 3M23. The effect generated
by the restatement in current currency as of March&nbsp;31, 2024 included in internet services revenues amounted to $16,558 million and
$138,526 million in 3M24 and 3M23, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
decrease in internet services revenues in Argentina in 3M24 was mainly due to the decrease in the Broadband Internet access ARPU of 9.8%.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
ARPU reached $12,733.2 in 3M24 as compared to $14,122.3 in 3M23. This decrease in ARPU is mainly explained by the fact that, as a consequence
of the [annual] 287.9% inflation in Argentina, the Company (and other competitors in the ICT industry) was unable to increase its prices
during 3M24 to the same extent as the increase in inflation (the effect generated by the restatement in current currency as of March&nbsp;31,
2024 included in ARPU amounted to $1,184.7 and $10,711.2 as of March&nbsp;31, 2024 and 2023, respectively).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
customer base remained stable amounting to 4.1 million customers in both 3M24 and 3M23, which was a product of the Company's efforts
to maintain the customer base, considering the intense competition. The churn rate per month amounted to 1.5% and 1.7% in 3M24 and 3M23,
respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cable
television service revenues amounted to $101,424 million in 3M24, decreasing $53,371 million or 34.5% as compared to revenues in 3M23.
The effect generated by the restatement in current currency as of March&nbsp;31, 2024, included in cable television services revenues,
amounted to $10,167 million and $117,526 million in 3M24 and 3M23, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
decrease in Cable television service revenues in 3M24 was mainly due to the decrease in ARPU, a 37.5% decrease compared to 3M23, and
a 1.5% decrease in the customer base compared to 3M23.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
ARPU amounted to $9,041.0 as of March&nbsp;31, 2024 compared to an ARPU of $14,460.9 as of March&nbsp;31, 2023. The decreased is mainly
explained since annual inflation as of March&nbsp;31, 2024 amounted to 287.9%, the Company (and other competitors in the ICT industry)
was unable to increase its prices during 3M24 to the same extent as the increase in inflation (the effect generated by the restatement
in current currency as of March&nbsp;31, 2024 included in ARPU amounts to $894.0 and $10,971.7 as of March&nbsp;31, 2024 and 2023, respectively).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
3M24, the customer base in Argentina amounted to 3.1 million customers, decreasing a 1.5% compared to 3M23. This decrease is mainly due
to the economic situation in Argentina and the changes in customers&rsquo; consumption trends. Our Flow digital platform&rsquo;s customer
base reached 1.5 million and our Premium Package&rsquo;s customer base amounted to 1.2 million in 3M24, a 7.8% decrease compared to 3M23.
The average churn rate per month amounted to 1.8% in both 3M24 and 3M23.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues
generated by fixed and data services amounted to $95,749 million in 3M24, increasing $717 million or 0.8% as compared to 3M23. The effect
generated by the restatement in current currency as of March&nbsp;31 2024 included in fixed and data services revenues amounted to $9,851
million and $72,201 million in 3M24 and 3M23, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
increase in fixed and data services in Argentina in 3M24 was mainly due to the appreciation of data service subscriptions that are denominated
in dollars, partially offset by a decrease in ARPU, decreasing 6.4% as compared to 3M23, and a decrease in the customer base of 4.5%
compared to 3M23.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
ARPU of fixed telephony services amounted to $5,875.6 as of March&nbsp;31, 2024 compared to an ARPU of $6,276.9 as of March&nbsp;31,
2023. The decreased is mainly explained since annual inflation as of March&nbsp;31, 2024 amounted to 287.9%, the Company (and other competitors
in the ICT industry) was unable to increase its prices during 3M24 to the same extent as the increase in inflation (the effect generated
by the restatement in current currency as of March&nbsp;31, 2024 included in ARPU amounts to $640.7 and $4,771.7 as of March&nbsp;31,
2024 and 2023, respectively).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
customer base of fixed telephony services amounted to 2.8 million in 3M24, decreasing a 4.5% compared to 3M23. The customer base decreased
mainly due to changes in consumption behaviour of customers.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Other
services revenues</U></I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
services revenues generated by other services amounted to $7,836 million in 3M24, increasing $1,067 million or 15.8% compared to 3M23.
The effect generated by the restatement in current currency as of March&nbsp;31 2024 included in other services revenues amounted to
$625 million and $5,112 million in 3M24 and 3M23, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">These
services include mainly revenues related to fintech services, revenues from billing remuneration and collection management on behalf
of third parties, administrative revenues and revenues from the sale of advertising space, among others.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
increase in other services revenue in 3M24 was mainly due to the increase in fintech services in Argentina of $1,839 million as compared
to 3M23, principally due to the growth in the use of the &quot;Personal Pay&quot; digital wallet and the increase in the number of users,
which amounted to 2.5 million and 1.0 million in&nbsp;3M24&nbsp;and&nbsp;3M23, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Equipment
revenues amounted to $32,044 million in 3M24 (a decrease of $22,397 million or 41.1% compared to 3M23). This variation is mainly due
to a 37% decrease in handsets sold compared to 3M23.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of March&nbsp;31, 2024 included in Equipment revenues amounts to $3,317 million
and $41,246 million in 3M24 and 3M23, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Adjusted
                                            EBITDA</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">An
important operational performance measure used by the Company&rsquo;s Chief Operating Decision Maker (as this term is defined in IFRS
Accounting Standard 8) is Adjusted EBITDA. Adjusted EBITDA is defined as our net (loss) income less income tax, financial results, Earnings
(losses) from associates and joint ventures, and depreciation, amortization and impairment of Fixed Assets. We believe Adjusted EBITDA
facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital
structures, taxation and the useful lives and book depreciation and amortization of PP&amp;E and intangible assets, which may vary for
different companies for reasons unrelated to operating performance. Although Adjusted EBITDA is not a measure defined in accordance with
IFRS Accounting Standards (a non-GAAP measure), our Management believes that this measure facilitates operating performance comparisons
from period to period and provides useful information to investors, financial analysts and the public in their evaluation of our operating
performance. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable
to Adjusted EBITDA as used by other companies.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
following table shows the reconciliation of Net income to Adjusted EBITDA:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M24</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>($&nbsp;million)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income</B>&#9;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>675,032
    </B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>110,477
    </B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>564,555
    </B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax (benefit) expense&#9;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">210,826
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45,665)
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">256,491
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    financial results, net&#9;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(115,520)
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(40,567)
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(74,953)
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184.8</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    cost&#9;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(797,844)
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(34,582)
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(763,262)
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Earnings)
    Losses from associates and joint ventures&#9;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,359
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,648)
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,007
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating
    loss</B>&#9;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(26,147)
    </B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(11,985)
    </B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(14,162)
    </B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>118.2</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">233,281
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">264,278
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(30,997)
    </FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.7)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
    EBITDA</B>&#9;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>207,134
    </B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>252,293
    </B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(45,159)
    </B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(17.9)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Adjusted
EBITDA amounted to $207,134 million in 3M24, representing a decrease of $45,159 million or 17.9% as compared to 3M23. Adjusted EBITDA
represented 30.3% of our total consolidated revenues in both 3M24 and 3M23, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
costs without depreciation, amortization and impairment of Fixed Assets totaled $476,782 million in 3M24, which represents a decrease
of $104,138 million or 17.9% compared to 3M23. These lower costs are mainly associated with the decrease in Employee benefit expenses
and severance payments, Cost of equipment, Commissions and advertising, Taxes and fees with the Regulatory Authority, Programming and
content costs, Bad debt expenses and legal claims and contingent liabilities, partially slightly offset by Fees for services, maintenance,
materials and supplies and Interconnection and transmission costs. The headcount as of 3M24 totaled 21,079 employees.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Despite
being in a context in which annual inflation as of March&nbsp;31, 2024 amounted to 287.9%, in general costs did not increase to the same
level.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of March&nbsp;31, 2024 included in operating cost to $63,137 million and $442,188
million in 3M24 and 3M23, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Depreciation,
amortization and impairment of Fixed Assets</U></I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Depreciation,
amortization and impairment of Fixed Assets amounted to $233,281 million in 3M24, a decrease of $30,997 million or 11.7 % compared to
3M23.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
variation is due to the effect of those assets that ended their useful life after March&nbsp;31, 2023, partially offset by the impact
of the amortization of the CAPEX subsequent to that same date.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of March&nbsp;31, 2024 included in depreciation, amortization and impairment
of Fixed Assets amounts to $191,019 million and $245,490 million in 3M24 and 3M23, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
loss amounted to $26,147 million and $11,985 million in 3M24 and 3M23, respectively. Operating loss represented (3.8)% and (1.4)% of
revenues in 3M24 and 3M23, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Financial
                                            results, net</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 56%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>3M24</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3M23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>$</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interests
    on borrowings </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,368)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,833)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.7)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Remeasurement
    in borrowings </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,511)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,981</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(40,492)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign
    currency exchange gains on borrowings </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">853,723</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,644</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">802,079</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings
    renegotiation results</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,210)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,210</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Total
    financial cost</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>797,844</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>34,582</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>763,262</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    foreign currency exchange gains (losses)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97,655</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,157)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,812</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fair
    value gains/(losses) on financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,767)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,047)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,720)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115.1</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    interests, net</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,536</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,976</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">560</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.3</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RECPAM
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,700</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62,129</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,429)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15.2)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(16,604)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12,334)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,270)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.6</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    other financial results, net</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>115,520</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>40,567</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>74,953</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    financial results, net</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>913,364</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>75,149</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>838,215</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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: 10pt"><B>n/a</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom
incurred in a financial gain, net of $913,364 million in 3M24 (compared to a gain of $75,149 million in 3M23). Financial Results, net
in 3M24 mainly include (i)&nbsp;foreign exchange gains measured in real terms of $951,378 million as a result of the U.S. Dollar appreciating
6.1% against the Argentine Peso compared to a 51.6% inflation (compared to a gain of $48,487 million in 3M23 and 18.0% devaluation of
the Argentine Peso against the U.S. dollar compared to a 21.7% inflation in 3M23) and (ii)&nbsp;interest on borrowings, measured in real
terms, of $26.368 million (compared to $26.833 million in 3M23). These effects are partially offset by (i)&nbsp;losses from remeasurement
in borrowings of $29,511 million (compared to a gain of $10,981 million in 3M23), (ii)&nbsp;fair value losses on financial assets at
fair value through profit or loss of $23,767 million (compared to a loss of $11,047 million in 3M23), (iii)&nbsp;the RECPAM, which amounted
to a gain of $52,700 million (compared to a gain of $62,169 million in 3M23), and (iv)&nbsp;other financial results of $11,068 million
(compared to $8,568 million in 3M23).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Income
                                            tax benefit (expense)</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom&rsquo;s
income tax includes the following effects: (i)&nbsp;the current tax payable pursuant to tax legislation applicable to Telecom, and (ii)&nbsp;the
effect of applying the deferred tax method on temporary differences arising out of the Company&rsquo;s asset and liability valuation
according to tax versus financial accounting criteria, including the income tax inflation effect.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income
tax expense amounted to $210,826 million in 3M24 compared to a benefit of $45,665 million in 3M23. It includes the following effects:
(i)&nbsp;current tax expenses, Telecom&rsquo;s generated $1,738 million tax expense in 3M24 (compared to an expense of $310 million in
3M23), (ii)&nbsp;regarding the deferred tax in 3M24, Telecom recorded a deferred tax expense of $209,088 million compared to a gain of
$45,975 million in 3M23.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net
                                            income</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom
Argentina recorded a net income of $675,032 million in 3M24 as compared to a net income of $110,477 million in 3M23 and represents an
98.7% of revenues as compared to 13.3% in 3M23.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
income attributable to controlling shareholders amounted to $672,260 million in 3M24 compared to a gain of $107,669 million in 3M23.</FONT></P>

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

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

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

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

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


<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="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>March 31,</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31,</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: center; width: 12%">&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>2024</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>2023</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="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    assets &ndash; current</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">457,336</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">421,619</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,717</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><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; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">271</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">663</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(392)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><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; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>457,607</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>422,282</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>35,325</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings
    &ndash; current</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(854,148)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(854,356)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">208</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings
    &ndash; non-current</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,591,888)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,372,263)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">780,375</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    borrowings</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,446,036)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,226,619)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>780,583</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    liabilities, net &ndash; current</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(396,812)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(432,737)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,925</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    liabilities, net &ndash; non-current</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,591,617)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,371,600)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">779,983</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    financial liabilities, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,988,429)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,804,337)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>815,908</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The consolidated
financial position, net (that is: Cash and cash equivalents, net of funds to be paid to clients, plus Financial investments and DFI less
Borrowings) is debt and amounted to $1,988,429 million as of March&nbsp;31, 2024, which represents a decrease of $815,908 million compared
to December&nbsp;31, 2023.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CAPEX
                                            in PP&amp;E and Intangible Assets and Rights of use assets additions</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CAPEX
and Rights of use assets additions composition 3M24 and 3M23 is as follows:</FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; border-right: 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">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>In
    millions of $</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation
    </B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 42%; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M24</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 15%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">98,191</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">94,403</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">3,788</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">4.0</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intangibles
    assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">6,477</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">4,014</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">2,463</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">61.4</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    CAPEX</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><B>104,668</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><B>98,417</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><B>6,251</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><B>6.4</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rights
    of use assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">40,804</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">35,506</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">5,298</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; 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">14.9</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    CAPEX and Right of use asset additions </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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"><B>145,472</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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"><B>133,923</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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"><B>11,549</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; 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"><B>8.6</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
terms of infrastructure, during 2024 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 97% of urban population. Additionally,
we reached a coverage of 98% of the population of major cities of Argentina. Our customers with access to our 4G network, according to
the latest benchmark of March&nbsp;31, 2024 carried out by Ookla, perceive a better service experience reaching average speeds of 38.6
Mbps, compared to 30 Mbps as of March&nbsp;31,2023. On the other hand, approximately 68% 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. During 2024
we continued with the expansion of our 5G network and are planning to reach 200 sites in 2024.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>3.</I></B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Summary
                                            of comparative consolidated statements of financial position</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>March&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 44%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
    assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">770,327</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">679,178</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">685,935</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">873,958</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,129,048</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-current
    assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,373,226</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,501,645</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">9,136,125</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">9,638,559</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">9,842,818</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,143,553</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,180,823</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,822,060</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,512,517</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,971,866</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
    liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,533,735</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,395,991</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,484,767</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,462,790</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,611,026</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-current
    liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">2,633,962</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">2,841,273</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">3,104,768</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">3,539,845</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">3,480,147</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,167,697</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,237,264</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,589,535</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>5,002,635</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>5,091,173</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity
    attributable to the Controlling Company</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,885,937</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,864,686</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,154,846</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,417,383</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,793,329</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity
    attributable non-controlling interest</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">89,919</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">78,873</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">77,679</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">92,499</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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">87,364</FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Equity</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>3,975,856</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>3,943,559</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>5,232,525</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>5,509,882</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: 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>5,880,693</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    liabilities and equity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,143,553</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,180,823</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,822,060</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,512,517</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,971,866</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>4.</I></B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Summary
                                            of comparative consolidated income statements</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3M24</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3M23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3M22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3M21</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3M20</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">683,916</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">833,213</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">930,060</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,014,561</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,100,369</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    costs</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(710,063)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(845,198)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(920,099)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(948,348)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(999,283)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    income (loss)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(26,147)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(11,985)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,961</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>66,213</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>101,086</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings
    (losses) from associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,359)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,648</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">950</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,005</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,610</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    results, net</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">913,364</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75,149</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">177,023</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,217</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,720)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income
    before income tax</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>885,858</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>64,812</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>187,934</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>150,435</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>75,976</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    tax benefit (expense)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(210,826)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,665</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(39,675)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,684)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>675,032</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>110,477</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>188,155</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>110,760</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>46,292</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    comprehensive income (loss), net of tax</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(103,739)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,483)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,029)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">664</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,705)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    comprehensive income </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>571,293</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>106,994</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>175,126</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>111,424</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24,587</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Attributable
    to Controlling Company</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">598,958</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104,663</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">176,279</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107,766</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,337</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Attributable
    to non-controlling interest</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,665)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,331</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,153)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,658</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,750)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>5.</I></B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Summary
                                            of comparative consolidated statements of cash flow</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 44%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M24</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M21</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3M20</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    cash flows from operating activities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">171,229</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">206,118</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">291,235</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">338,672</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">282,784</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    cash flows used in investing activities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(224,218)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(237,682)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(299,800)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(169,852)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(202,825)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    cash flows from (used in) financing activities </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,656</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,735</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,354</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(32,189)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55,000</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    foreign exchange differences and RECPAM on cash and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(66,315)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,950)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,942)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,969)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,245)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    cash and cash equivalents (used in) from the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(91,648)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(27,779)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(12,153)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>131,662</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>133,714</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>6.</I></B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Statistical
                                            data (in physical units in index-term)</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>03.31.24</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>03.31.20</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Mobile
    telephony services lines</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.8</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.4</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.0</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.0</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.1</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.1</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.2</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.2</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.1</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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 customers</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.3</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.4</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.5</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">Fixed
    telephony services lines (included IP)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.1</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.2</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.3</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.4</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.3</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>7.</I></B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Consolidated
                                            ratios</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>03.31.24</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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>03.31.20</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">0.50</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">0.46</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">0.60</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">0.70</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">0.95</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">1.16</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; border-left: Black 2.25pt double; padding-bottom: 2.5pt; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.91</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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-bottom: Black 2.5pt double; border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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-bottom: Black 2.5pt double; border-right: Black 2.25pt double; font-family: Arial, Helvetica, Sans-Serif; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.90</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 17.85pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 17.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Current
                                            assets/Current liabilities.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
                                            equity/Total liabilities.</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3)</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-current
                                            assets/Total assets.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.1in"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>8.</I></B></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Outlook</I></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom
is part of a key industry for Argentina&rsquo;s economic development and its regional and global projection, with a major role in creating
value not only for the different verticals of the Industry 4.0 but also in people's everyday lives, and in generating the talent required
for the evolution of society.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
began a new year with a change in political leadership in the National Government, amidst a complex socio-economic environment where
both macro and micro-economic variables showed an unfavorable scenario, directly impacting the Company's revenues.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
believe that there will be a trend towards inflation deceleration and stability in the exchange rate, as well as regularization in the
conditions for the purchase of technological equipment.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Despite
the challenging context in which we operate, we continue to uphold our commitment to our customers to offer the best comprehensive ecosystem
of digital services, connectivity, and entertainment, pillars upon which the digital lives of individuals and organizations rely. To
bolster the economic sustainability of the business, we are concentrating our efforts on achieving an optimal balance between the necessary
adjustment of our product list prices, maintaining a scheme of commercial promotions, and adapting to the demands of high competition
that characterize this market.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
commitment is also reflected in our sustained dedication to fulfilling investment plans in systems and infrastructure, which enable the
development of new digital services, which we believe are essential for the evolution of our customer base and the digital development
of the country.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
addition, the availability of a dedicated spectrum for 5G technology resulting from the bidding process that took place in October&nbsp;2023,
increases opportunities to expand and enhance new services, particularly those associated with B2B industry sectors.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
are prepared to embrace the exponential technological change brought by 5G, which will serve as the cornerstone for the digital transformation
of industries and a competitive factor for the economy. Beyond offering a new connectivity experience for individuals and households,
5G is positioned as a major enabler of innovation and technology-based developments.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">While
the adoption of this technology is not yet widespread, we are supporting the deployment of 5G networks to meet the demand in areas where
a higher concentration of compatible devices is identified, thus prioritizing the experience of these customers.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
seek to continue to expand infrastructure and build new 5G sites, adjusting the planning of these deployments, taking into account the
intensive dollarized investments required by this new ecosystem.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">With
the commitment to connecting Argentinians and offering them state-of-the-art digital services, we continue to analyze the evolution of
international markets in search of financing opportunities that align with our strategy, and access the local capital market and/or obtain
bank loans from local entities to continue driving our investment plan.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">From
a regulatory perspective, on April&nbsp;10, 2024, through Decree No.&nbsp;302/24, the National Government repealed Decree No.&nbsp;690/20,
enacted in August&nbsp;2020, which had declared ICT Services as essential public services and limited, among other things, free competition
and the freedom to set prices. The repeal of the Decree reduces the uncertainty that the ICT Services industry has been experiencing
in recent years. This first measure of the National Government towards the ICT industry generates positive expectations regarding the
demands that the sector has been making, and keeps us attentive to the regulatory developments of this new stage in Argentina.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
the other hand, Telecom continues to analyze opportunities for regional positioning as leaders in digital services and in its evolution
towards becoming a technology company, focusing on the development of innovative services that expand the footprint of our platform ecosystem.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
digital transformation facilitates the evolution of the Company's operational model, incorporating technological enablers that bring
innovation, such as automation processes, artificial intelligence, cloudification, and big data management, to continue scaling the digitalization
of operations efficiently and swiftly. These enablers drive us to expand our footprint in new businesses supported by the digital economy,
based on IoT solutions, fintech, cybersecurity, entertainment, and smart home.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
line with its purpose, the Company we seek to 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 and be the leading choice of our customers.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 63%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 37%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Carlos
    Moltini</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; 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 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>



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

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

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

<P STYLE="border: Black 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_009"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CORPORATE
INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INDEPENDENT
                                            AUDITORS</U></B> Price Waterhouse&nbsp;&amp; Co S.R.L. (member of PricewaterhouseCoopers)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; border: Black 1pt solid"><B>BYMA</B></FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border-style: none; width: 74%; border-collapse: collapse; margin-left: 0.2in">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: 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">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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">8.4</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>2Q23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">687.45</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">390.73</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">7.0</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>3Q23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">959.80</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">621.60</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">11.9</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>4Q23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">1,752.45</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">773.30</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">10.6</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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>1Q24</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">2,073.15</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">1,333.80</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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">8.5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; border: Black 1pt solid"><B>NYSE*</B></FONT></P>

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="border-style: none; width: 74%; border-collapse: collapse; margin-left: 0.2in">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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; font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 22%; 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>Quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 21%; 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>High</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 21%; 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>Low</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 35%; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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; font-family: Arial, Helvetica, Sans-Serif; 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>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2Q23</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.72</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.71</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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">6.5</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3Q23</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.43</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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">8.0</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4Q23</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.64</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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">11.0</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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">7.97</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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">6.53</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; 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">8.7</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&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="border: Black 1pt solid; width: 100%; 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="border: Black 1pt solid; width: 100%; 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="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&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="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&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="border-top: Black 1pt solid; width: 100%; 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-family: Arial, Helvetica, Sans-Serif; margin: 0pt"></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD 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 20, 2024</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 Fernando 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 Fernando 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>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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