<SEC-DOCUMENT>0001104659-24-101661.txt : 20240920
<SEC-HEADER>0001104659-24-101661.hdr.sgml : 20240920
<ACCEPTANCE-DATETIME>20240920144604
ACCESSION NUMBER:		0001104659-24-101661
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240814
FILED AS OF DATE:		20240920
DATE AS OF CHANGE:		20240920

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		241313035

	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/A
<SEQUENCE>1
<FILENAME>tm2424419d1_6ka.htm
<DESCRIPTION>FORM 6-K/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<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>

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM&nbsp;6-K/A</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REPORT
OF FOREIGN PRIVATE ISSUER</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of September 2024</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Translation
of registrant&rsquo;s name into English)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>General
Hornos, No.&nbsp;690, 1272</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Address
of principal executive offices)</FONT></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; 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: 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 STYLE="text-align: left; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="text-align: left; width: 12%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: left; width: 20%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 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 STYLE="text-align: left; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: left; width: 12%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="text-align: left; width: 20%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</P>

<P STYLE="font: 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 STYLE="text-align: left; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: left; width: 12%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="text-align: left; width: 20%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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



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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></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; text-align: justify">Telecom Argentina S.A. is filing this amendment solely to designate this
report on Form 6-K as being incorporated by reference into its registration statement on Form <A HREF="https://www.sec.gov/Archives/edgar/data/932470/000110465924078344/tm2418674d1_f3asr.htm" STYLE="-sec-extract: exhibit">F-3 (Registration No. 333-280720) dated July 8, 2024</A> (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date on which
this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Telecom
Argentina S.A.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">TABLE
OF CONTENTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Item</U></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><A HREF="#ja_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="#ja_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Unaudited condensed
    consolidated financial statements as of June&nbsp;30, 2024</I></B></FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><A HREF="#ja_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="#ja_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Operating and financial
    review and prospects as of June&nbsp;30, 2024</I></B></FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Capsule
financial information illustrating the effects of inflation from December&nbsp;31, 2023 to June&nbsp;30, 2024</I></B></FONT></TD>
</TR></TABLE>
<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"></P>

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

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

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<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; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><A NAME="ja_001"></A>Unaudited
Condensed Consolidated Financial Statements as of June&nbsp;30, 2024</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>General
Hornos 690</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(C1272ACK)
Autonomous city of Buenos Aires</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Republic
of Argentina</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>AS OF
JUNE 30, 2024 AND 2023</U></B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="RIGHT" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White; width: 95%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: justify"><A HREF="#sp2_001">Glossary of terms</A></TD>
    <TD STYLE="background-color: White; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#sp2_001">F-1</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: justify">Unaudited condensed consolidated financial statements</TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-align: justify"><A HREF="#sp2_002">Consolidated statements of financial position</A></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#sp2_002">F-3</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-align: justify"><A HREF="#sp2_003">Consolidated income statements</A></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#sp2_003">F-4</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-align: justify"><A HREF="#sp2_004">Consolidated statements of comprehensive income</A></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#sp2_004">F-5</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-align: justify"><A HREF="#sp2_005">Consolidated statements of changes in equity</A></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#sp2_005">F-6</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-align: justify"><A HREF="#ja_003">Consolidated statements of cash flows</A></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="#ja_003">F-7</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-align: justify">Notes to the unaudited condensed consolidated financial statements</TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  </TABLE><BR STYLE="clear: both">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U><A NAME="sp2_001"></A>Glossary
of terms</U></B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>ADR:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">American Depositary Receipt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>BCRA
</I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Banco Central de la Rep&uacute;blica Argentina): </FONT></I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Central Bank of Argentina.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>BYMA
(Bolsas y Mercados Argentinos): </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Buenos Aires Stock Exchange<I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>CAPEX:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Capital expenditures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>CNV
(Comisi&oacute;n Nacional de Valores):</I></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Argentine National Securities
Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Company/Telecom
Argentina</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">: Telecom Argentina S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>CVH:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cablevisi&oacute;n Holding S.A., controlling company of Telecom Argentina
since January&nbsp;1, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>DFI:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Derivate Financial Instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><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></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Argentine
Federation of Professional Councils of Economic Sciences.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Fintech:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fintech Telecom LLC, a Telecom Argentina shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>fintech:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Fixed
Assets: </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Includes PP&amp;E,&nbsp;Intangible assets, Goodwill and Rights
of use assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>IAS:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">International Accounting Standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>IASB</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">:
International Accounting Standards Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>IFRS
Accounting Standards</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">: International Financial Reporting Standards,
as issued by the IASB.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>La
Capital Cable/Ver TV/TSMA: </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>LAD
(Ley Argentina Digital): </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Argentine Digital Law No.&nbsp;27,078.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>LGS
(Ley de General de Sociedades): </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><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/ RISSAU/ Manda: </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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., Red Intercable Satelital S.A.U. and Manda S.A..</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>NYSE:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New York Stock Exchange<I>.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>OPH:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Name corresponding to company Open Pass Holding LLC that is a joint
venture of Telecom Argentina.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>PP&amp;E:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Properties, plant and equipment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>PSPCP
(Proveedores de servicios de pago con cuentas de pago): </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payment service
providers offering payment accounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><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></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Inflation
Adjustment Gain (Loss).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Telecom:
</I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom Argentina and its consolidated subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><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/
Naperville: </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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,Micro Fintech Holding LLC and Naperville Investments LLC, respectively, companies that are directly or indirectly
controlled according to the definition of the General Corporations Law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><I>USA:
</I></FONT>United States of America</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>UVA
(Unidad de Valor Adquistivo): </I></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Purchasing Value Unit, an index developed
and published by the Banco Central de la Rep&uacute;blica Argentina.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U><A NAME="sp2_002"></A>CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(In
millions of Argentine pesos in current currency - Note 1.d)</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt"><U>June&nbsp;30,</U></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt"><U>December&nbsp;31,</U></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">ASSETS</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt"><U>Note</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt"><U>2024</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt"><U>2023</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Current
    Assets</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 63%; text-align: left"><FONT STYLE="font-size: 10pt">Cash
    and cash equivalents</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">165,008</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">287,230</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Investments</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">223,141</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">222,862</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Trade receivables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">252,285</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">238,860</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Other receivables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">55,543</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">61,193</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">42,190</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">56,681</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Assets
    classified as held for sale</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,781</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    current assets</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">739,948</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">866,826</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Non-Current
    Assets</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Trade receivables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">409</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">453</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Other receivables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">27,860</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">35,289</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Deferred
    income tax assets</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">20,904</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">24,836</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Investments</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">36,823</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">42,799</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Goodwill</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,783,516</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,775,625</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">PP&amp;E</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,750,804</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,084,143</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Intangible
    assets</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,590,915</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,629,505</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Right
    of use assets</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">384,569</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">387,755</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    non-current assets</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">8,595,800</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">8,980,405</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">TOTAL
    ASSETS</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">9,335,748</FONT></TD><TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">9,847,231</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">LIABILITIES</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Current
    Liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Trade payables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">391,424</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">641,526</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">820,770</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,012,979</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Salaries
    and social security payables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">137,026</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">163,845</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Income tax
    payables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,875</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,808</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Other taxes
    payables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">70,301</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">70,377</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Dividends
    payables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">616</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Leases liabilities</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">50,204</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">51,659</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Other liabilities</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">42,392</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">36,782</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">6,726</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">9,600</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    current liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,523,334</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,989,576</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Non-Current
    Liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Trade payables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">10,944</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,643</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,743,220</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,812,707</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Salaries
    and social security payables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">7,999</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">6,704</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Deferred
    income tax liabilities</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,185,424</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">829,007</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Other taxes
    payables</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Leases liabilities</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">82,739</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">107,700</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Other liabilities</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">8,318</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">16,255</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">45,503</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">46,951</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    non-current liabilities</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,084,151</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,820,987</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">TOTAL
    LIABILITIES</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,607,485</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">5,810,563</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">EQUITY</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">Equity attributable
    to Controlling Company</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,635,492</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,897,253</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Equity
    attributable to non-controlling interest</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">92,771</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">139,415</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL
    EQUITY</B><FONT STYLE="font-weight: normal"><I>(See Consolidated Statements of Changes in Equity)</I></FONT></FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,728,263</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,036,668</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">TOTAL
    LIABILITIES AND EQUITY</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">9,335,748</FONT></TD><TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 10pt">9,847,231</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U><A NAME="sp2_003"></A>CONSOLIDATED
INCOME STATEMENTS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>Three-month
    period</U><BR> <U>ended June&nbsp;30</U>,</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>Six-month
    period</U><BR> <U>ended June&nbsp;30,</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>Note</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2024</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2023</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2024</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2023</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 39%"><FONT STYLE="font-size: 9pt">Revenues</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><FONT STYLE="font-size: 9pt">21</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">856,084</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">933,838</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">1,666,979</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">1,921,749</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Employee
    benefit expenses and severance payments</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">22</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(207,318</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(224,150</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(394,444</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(461,767</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Interconnection
    and transmission costs</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(23,607</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(26,947</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(53,353</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(56,417</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Fees for
    services, maintenance, materials and supplies</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">22</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(110,363</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(123,094</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(228,973</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(238,916</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Taxes and
    fees with the Regulatory Authority</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">22</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(66,838</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(72,260</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(129,323</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(148,333</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Commissions
    and advertising</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(44,565</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(59,468</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(86,665</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(117,032</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Cost of
    equipment and handsets</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">22</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(45,561</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(58,414</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(73,847</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(104,255</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Programming
    and content costs</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(48,977</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(52,401</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(93,387</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(109,040</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Bad debt
    expenses</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">3</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(15,103</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(18,021</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(35,283</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(47,909</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Other operating
    expenses</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">22</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(44,251</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(52,946</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(76,612</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(92,808</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-align: left"><FONT STYLE="font-size: 9pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">22</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(280,596</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(321,588</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(557,189</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(634,933</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Operating loss</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(31,095</FONT>)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(75,451</FONT>)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(62,097</FONT>)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(89,661</FONT>)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Losses
    from associates and joint ventures</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,361</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(4,967</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2,972</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(3,013</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Financial
    results from borrowings</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">23</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">176,002</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(24,682</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,121,977</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">16,321</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Other financial
    results, net</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">23</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">26,855</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">34,997</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">163,823</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">83,096</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Income (loss) before income
    tax</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">170,401</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(70,103</FONT>)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,220,731</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">6,743</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Income
    tax benefit (expense)</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">13</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(111,539</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">85,523</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(361,508</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">139,666</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Net income for the period</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">58,862</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">15,420</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">859,223</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">146,409</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Attributable to:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Controlling
    Company</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">54,608</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">12,902</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">851,682</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">140,561</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Non-controlling
    interest</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">4,254</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2,518</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">7,541</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">5,848</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">58,862</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">15,420</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">859,223</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">146,409</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Earnings per share for income
    attributable to the Controlling Company - Basic and diluted</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">1.c</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">25.36</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">5.99</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">395.45</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">65.27</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
Note 22 for additional information on operating expenses per function.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U><A NAME="sp2_004"></A>CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(In
millions of Argentine pesos in current currency - Note 1.d)</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>Three-month
    period</U><BR> <U>ended June&nbsp;30,</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>Six-month
    period</U><BR> <U>ended June&nbsp;30,</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2024</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2023</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2024</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2023</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 50%; text-align: left"><FONT STYLE="font-size: 9pt">Net income for
    the period</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">58,862</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">15,420</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">859,223</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 9pt">146,409</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Other comprehensive income</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left"><FONT STYLE="font-size: 9pt">Items
    that may be reclassified to profit or loss</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Currency
    translation adjustments (no effect on Income Tax)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(38,567</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,370</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(162,078</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(4,912</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">DFI effects
    classified as hedges</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">172</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2,877</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,000</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,939</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Income
    Tax effects on DFI classified as hedges and others</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(33</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,034</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(350</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(684</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Other comprehensive income
    (loss), net of tax</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(38,428</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">473</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(161,428</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(3,657</FONT>)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Total comprehensive income
    for the period</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">20,434</FONT></TD><TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">15,893</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">697,795</FONT></TD><TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">142,752</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Attributable to:</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Controlling
    Company</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">28,076</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">13,029</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">738,239</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">137,124</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Non-controlling
    interest</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(7,642</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2,864</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(40,444</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">5,628</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">20,434</FONT></TD><TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">15,893</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">697,795</FONT></TD><TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">142,752</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U><A NAME="sp2_005"></A>CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(In
millions of Argentine pesos in current currency &ndash; Note 1.d)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Owners
    contribution</FONT></TD>
    <TD COLSPAN="4" STYLE="border: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Reserves</FONT></TD>
    <TD COLSPAN="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Outstanding<BR>
    shares<BR>
    Capital<BR>
    nominal<BR>
    value<BR> (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Inflation<BR>
    adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Contribu-<BR>
    ted Surplus</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Legal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Special
    <BR>
    reserve for<BR>
    IFRS <BR>
implementa-<BR>
    tion</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Facultati-<BR>
    ve (2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Other<BR>
    comprehensive loss</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Retained<BR>
    earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Equity<BR>
    attributa-<BR>
    ble to<BR>
    controlling<BR>
    company</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Equity<BR>
    attributable<BR>
    to non-<BR>
    controlling<BR>
    interest</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: middle; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Total<BR>
    Equity</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; padding-bottom: 1pt; width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Balances
    as of January&nbsp;1, 2023</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,154</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">1,543,632</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">3,804,015</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">91,716</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">33,629</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">330,421</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(183,941)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1,163,501)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">4,458,125</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">90,754</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 6%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">4,548,879</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Resolutions
    of the General Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April&nbsp;27, 2023</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-
    Specific loss allocation</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1,533,515)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">1,533,515</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-
    Reserves constitution</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">370,014</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(370,014)</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Dividends
    (3)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(187,767)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(187,767)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(187,767)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Subsidiary
    acquisition</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(4)</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(4)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Comprehensive
    income:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;Net
    income for the period</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">140,561</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">140,561</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">5,848</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">146,409</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;Other
    comprehensive loss</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(3,437)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(3,437)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(220)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(3,657)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Total
    Comprehensive income (loss)</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(3,437)</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">140,561</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">137,124</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">5,628</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">142,752</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 0.1in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Balances
    as of June&nbsp;30, 2023</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,154</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">1,543,632</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,270,500</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">91,716</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">33,629</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">512,668</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(187,378)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">140,561</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">4,407,482</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">96,378</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">4,503,860</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 0.1in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Balances
    as of January&nbsp;1, 2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,154</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">1,543,632</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,270,500</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">91,716</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">33,629</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">512,668</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(93,718)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(463,328)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">3,897,253</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">139,415</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">4,036,668</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Resolutions
    of the General Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April&nbsp;25, 2024</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-
    Absorption of retained earnings (losses) and reserve reclassification (4)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(139,179)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(324,149)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">463,328</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Dividends
    to non-controlling shareholders (3)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(8,609)</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(8,609)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Subsidiary
    acquisition (5)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,409</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,409</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Comprehensive
    income:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;Net
    income for the period</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">851,682</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">851,682</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">7,541</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">859,223</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;&nbsp;&nbsp;Other
    comprehensive loss</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(113,443)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(113,443)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(47,985)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(161,428)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Total
    Comprehensive income (loss)</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">-</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(113,443)</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">851,682</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">738,239</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(40,444)</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">697,795</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 0.1in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.1in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Balances
    as of June&nbsp;30, 2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,154</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">1,543,632</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">2,131,321</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">91,716</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">33,629</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">188,519</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(207,161)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">851,682</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">4,635,492</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">92,771</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">4,728,263</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(1)&nbsp;See
Note 20.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(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 Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(3)&nbsp;See
Note 2.b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(4)&nbsp;See
Note 20.b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">(5)&nbsp;See
Note 25.2.a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U><A NAME="ja_003"></A>CONSOLIDATED
STATEMENTS OF CASH FLOWS</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(In
millions of Argentine pesos in current currency &ndash; Note 1.d)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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="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-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Six-month
    period<BR>
    ended June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; 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="width: 6%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="width: 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>2024</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>CASH
    FLOWS FROM (USED IN) OPERATING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    income for the period</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">859,223</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">146,409</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjustments
    to reconcile net income to net cash flows provided by operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allowances
    deducted from assets </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,310</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,364</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation
    of PP&amp;E</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">425,842</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">496,951</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amortization
    of intangible assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,150</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,832</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amortization
    of rights of use assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">82,569</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60,021</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Disposals
    of Fixed Assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">681</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">502</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.a</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,972</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,013</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    results and others</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,403,700)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(208,138)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">361,508</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(139,666)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax paid (*)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,967)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,344)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase in assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(191,678)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(228,209)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    increase in liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114,749</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">247,624</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    cash flows from operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>328,659</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>498,359</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>CASH
    FLOWS FROM (USED IN) INVESTING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments
    for PP&amp;E</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(171,104)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(192,148)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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">Payments
    for intangible asset acquisitions</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,031)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8,995)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends
    received from associates</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">764</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,334</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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">Proceeds
    from the sale of PP&amp;E and intangible assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,851</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">238</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments
    for acquisition of subsidiary and joint venture, net of cash acquired </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,111)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,057)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from sale of investments not considered as cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">146,723</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,070</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments
    for investments not considered as cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(190,904)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(244,656)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    cash flows used in investing activities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(234,812)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(441,214)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>CASH
    FLOWS FROM (USED IN) FINANCING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds
    from borrowings</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">264,140</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">286,286</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment
    of borrowings</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(225,083)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(139,290)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payment
    of interests and related expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(153,425)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(158,060)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments
    of leases liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(35,895)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,183)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends
    paid to non-controlling interests in subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2.b</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,928)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    cash flows used in financing activities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(158,191)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(48,247)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    INCREASE /(DECREASE) IN CASH AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(64,344)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,898</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CASH
    AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>287,230</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>224,222</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NET
    FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(57,878)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6,855)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CASH
    AND CASH EQUIVALENTS AT THE END OF THE PERIOD</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><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; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>165,008</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>226,265</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, 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: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Six-month
                                            period</U></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>ended
    June&nbsp;30,</U></B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 72%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="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="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,193)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,967)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,151)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,967)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,344)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">See
Note 2.b for additional information on the consolidated statements of cash flows.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U>NOTES
TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL <BR>
STATEMENTS AS OF JUNE 30, 2024 AND 2023 (*)</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(In
millions of Argentine pesos in current currency, except as otherwise indicated)</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; 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: 5pt; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><A HREF="#c1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    1 &ndash; Basis of preparation of the unaudited condensed consolidated financial statements and significant accounting policies</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#c1"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-9</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><A HREF="#c2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    2 &ndash; Cash and cash equivalents and Investments. Additional information on the consolidated statements of cash flows. Dividends
    payables</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#c2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-14</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#c3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    3 &ndash; Trade receivables</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#c3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-16</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    4 &ndash; Other receivables</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-17</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    5 &ndash; Inventories</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-17</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    6 &ndash; Goodwill</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-17</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    7 &ndash; PP&amp;E</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-18</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    8 &ndash; Intangible assets</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-18</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    9 &ndash; Right of use assets</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-19</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    10 &ndash; Trade payables</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-19</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    11 &ndash; Borrowings</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-19</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    12 &ndash; Salaries and social security payables</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-21</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    13 &ndash; Income tax payable and Deferred income tax assets/liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-21</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    14 &ndash; Other taxes payables&#9;</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-22</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    15 &ndash; Leases liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-22</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    16 &ndash; Other liabilities&#9;</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-23</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    17 &ndash; Provisions</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-23</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    18 &ndash; Additional information of financial assets and liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-24</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    19 &ndash; Purchase commitments</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-26</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#sp4_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    20 &ndash; Equity</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#sp4_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-26</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#km_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    21 &ndash; Revenues</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#km_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-27</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#km_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    22 &ndash; Operating expenses</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#km_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-27</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#km_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    23 &ndash; Financial results</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#km_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-28</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#km_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    24 &ndash; Balances and transactions with Related parties</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#km_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-28</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#km_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    25 &ndash; Recent developments corresponding to the six-month period ended June&nbsp;30, 2024</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#km_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-30</B></FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><A HREF="#km_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    26 &ndash; Subsequent events to June&nbsp;30, 2024</FONT></A></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><A HREF="#km_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-32</B></FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)
By convention the definitions used in the notes are in the Glossary of Terms.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="c1"></A>NOTE
1 &ndash; BASIS OF PREPARATION OF THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">These
unaudited condensed consolidated financial statements as of June&nbsp;30, 2024 and for the six and three-month periods ended on June&nbsp;30,
2024 have been prepared in accordance with IAS 34 &ldquo;Interim Financial Reporting&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 included in form 20F 2023, which can be consulted at
the Company&acute;s website (</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: blue"><U>https:// https://inversores.telecom.com.ar/en/quarterly-earnings.html</U></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">).
It should be noted that, the annual financial statements have been measured in terms of current pesos as of December&nbsp;31, 2023 applying
the guidance in IAS 29. These unaudited condensed consolidated financial statements have been measured in terms of current pesos as of
June&nbsp;30, 2024 applying the guidance in IAS 29. (See Note 1.d)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
have not recast our annual financial statements to measure them in terms of current pesos as of June&nbsp;30, 2024, the most recent financial
period for which consolidated financial statements are available. Therefore, the annual financial statements and the unaudited condensed
consolidated financial statements are not comparable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">These
unaudited condensed consolidated financial statements were prepared following the same accounting policies as in the most recent annual
financial statements, except for:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Companies
under common control</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Business
combinations between companies under common control are accounted for considering the book value of the acquired company in the parent
company. Unrealized result is also eliminated unless the transaction provides evidence of the asset transferred.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; 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 Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Company
    </B></FONT></P></TD>
    <TD STYLE="width: 38%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Main
    activity</B></FONT></P></TD>
    <TD STYLE="width: 13%; 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 Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Country</B></FONT></P></TD>
    <TD STYLE="width: 25%; 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 direct<BR>
/indirect interest<BR>
 in capital stock and <BR>
votes </B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N&uacute;cleo
    (a)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mobile
    telecommunications Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67.50%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro
    Fintech Holding (b)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Holding</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Personal
    Env&iacute;os (b)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mobile
    financial services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67.50%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Televisi&oacute;n
    Dirigida </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable
    television services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Naperville
    (c)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Holding</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AVC
    Continente Audiovisual </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Broadcasting
    services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inter
    Radios </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Broadcasting
    services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro
    Sistemas</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services
    related to the use of electronic payment media</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pem
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable
    Imagen</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Closed-circuit
    television</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Personal
    Smarthome (d)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Security
    solutions and services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NYS2
    (d)&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICT
    Services and Audiovisual Communication Services.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100,00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NYSSA
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provision
    of internet access services.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adesol
    (e)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Holding</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Uruguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Opalker
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cybersecurity,
    content platform and related services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Uruguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ubiquo
    (f)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cybersecurity
    services and products</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chile</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95.00%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecom
    USA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Telecommunication
    services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100.00%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 2pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="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">During
                                            June&nbsp;2024, the merger by absorption between N&uacute;cleo (absorbing company) with Tuves
                                            Paraguay (absorbed company) has taken place. For further details, see Note 25.2.b.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
                                            May&nbsp;2024, the subsidiary Micro Fintech Holding directly controls Personal Env&iacute;os.
                                            For further details, see Note 25.2.b.2).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Company
                                            indirectly acquired by the subsidiary Televisi&oacute;n Dirigida on May, 2024. Naperville
                                            is the holding company of Manda, which in turn is the holding company of RISSAU. For further
                                            details, see Note 25.2.a).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As
                                            of June&nbsp;30, 2024 is a dormant entity.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(e)</FONT></TD><TD STYLE="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="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(f)</FONT></TD><TD STYLE="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></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 June&nbsp;30, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
figures as of December&nbsp;31, 2023 and for the six and three-month periods ended on June&nbsp;30, 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 June&nbsp;30, 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">These
unaudited condensed consolidated financial statements as of June&nbsp;30, 2024, were approved by resolution of the Board of Directors&rsquo;
meeting held on August&nbsp;12, 2024.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b)</B></FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Executive Committee and the CEO continue to monitor these 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 six-month period ended June&nbsp;30,
2024 and 2023.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Consolidated
Income Statement for the six-month period ended June&nbsp;30, 2024</U></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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="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="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>ICT
    <BR>
Services <BR>
in <BR>
Argentina</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ICT
    <BR>
Services in <BR>
Argentina &ndash; <BR>
Inflation <BR>
restatement </B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ICT
    <BR>
Services in <BR>
Argentina <BR>
restated for <BR>
inflation</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    <BR>
segments</B></FONT></TD>
    <TD STYLE="width: 11%; 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="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 <BR>
restated for <BR>
inflation</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Eliminations</B></FONT></TD>
    <TD STYLE="width: 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>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="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="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,321,150</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>210,058</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,531,208</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>124,723</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>22,587</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>147,310</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(11,539)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,666,979</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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="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">(888,654)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(180,063)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,068,717)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(94,818)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19,891)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(114,709)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,539</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,171,887)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="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="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>432,496</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>29,995</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>462,491</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>29,905
    </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,696
    </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>32,601
    </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>495,092</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(557,189)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="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="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="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(62,097)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="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="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="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="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="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,972)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="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="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="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="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,121,977</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">163,823</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income
    before income tax</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,220,731</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax expense</FONT></TD>
    <TD STYLE="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(361,508)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="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="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>859,223</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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-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="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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-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="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling
    Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">851,682</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,541</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>859,223</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Consolidated
Income Statement for the six-month period ended June&nbsp;30, 2023</U></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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>
    <TD STYLE="vertical-align: top; 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="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="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="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="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="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="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="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Eliminations</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Revenues
    </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>409,148</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,392,136</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,801,284</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>29,419</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>99,718</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>129,137</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(8,672)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,921,749</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    costs without depreciation, amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(290,952)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,002,269)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,293,221)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(20,996)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(70,932)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(91,928)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,672</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,376,477)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>118,196</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>389,867</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>508,063</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,423</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>28,786</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>37,209</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>545,272</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(634,933)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating
    loss</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(89,661)
    </B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,013)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,321</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,096</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income
    before income tax</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 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="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="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="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,743</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax benefit</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,666</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    income for the period</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>146,409</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling
    Company</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">140,561</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,848</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>146,409</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Six-month
    period<BR>
    ended June&nbsp;30</U>,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; width: 64%; padding-right: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 19%; 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="background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0; vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues
    from customers located in Argentina</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,527,302</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,795,013</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues
    from foreign customers</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">139,677</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">126,736</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPEX
    corresponding to the segment &ldquo;ICT Services in Argentina&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">196,602</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,756</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPEX
    corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,990</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,839</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0; width: 64%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 17%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>As
    of June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 19%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>As
    of December&nbsp;31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed
    Assets corresponding to the segment &ldquo;ICT Services in Argentina&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,186,516</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,407,940</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-indent: 0; vertical-align: top; padding-right: 1.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed
    Assets corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">323,288</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">469,088</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Borrowings
    corresponding to the segment &ldquo;ICT Services in Argentina&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,521,348</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,725,763</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Borrowings
    corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,642</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,923</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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
June&nbsp;30, 2024 and 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Consolidated
Income Statement for the three-month period ended June&nbsp;30, 2024</U></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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="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="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>ICT
    <BR>
Services <BR>
in <BR>
Argentina</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ICT
    <BR>
Services in <BR>
Argentina &ndash; <BR>
Inflation <BR>
restatement </B></FONT></TD>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ICT
    <BR>
Services in <BR>
Argentina <BR>
restated for <BR>
inflation</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    <BR>
segments</B></FONT></TD>
    <TD STYLE="width: 11%; 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="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 <BR>
restated for <BR>
inflation</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Eliminations</B></FONT></TD>
    <TD STYLE="width: 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>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="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="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>762,001</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>32,810</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>794,811</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>64,978</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,908</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67,886</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6,613)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>856,084</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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="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">(516,850)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(41,925)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(558,775)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(49,428)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,993)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(54,421)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,613</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(606,583)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="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="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>245,151</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(9,115)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>236,036</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,550</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,085)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,465</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>249,501</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(280,596)
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="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="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="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(31,095)
    </B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="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="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="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="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="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,361)
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="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="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="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="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">176,002
    </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,855
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income
    before income tax</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>170,401
    </B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax expense</FONT></TD>
    <TD STYLE="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(111,539)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="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="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>58,862
    </B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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-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="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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-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="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling
    Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,608
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,254</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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="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="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-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>58,862</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Consolidated
Income Statement for the six-month period ended June&nbsp;30, 2023</U></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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>
    <TD STYLE="vertical-align: top; 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="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="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="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="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="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="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="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Eliminations</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Revenues
    </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>221,044</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>652,491</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>873,535</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16,293</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>48,134</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>64,427</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,124)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>933,838</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating
    costs without depreciation, amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(160,517)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(484,799)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(645,316)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,777)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34,732)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(46,509)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,124</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(687,701)</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>60,527</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>167,692</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>228,219</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,516</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13,402</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17,918</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>246,137</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(321,588)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="text-indent: 0; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating
    loss</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(75,451)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,967)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(24,682)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,997</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Loss
    before income tax</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(70,103)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-indent: 0; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax benefit</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,523</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="text-indent: 0; vertical-align: top; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    income for the period</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,420</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-indent: 0; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="text-indent: 0; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-indent: 0; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling
    Company</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,902</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="text-indent: 0; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,518</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-indent: 0; padding-right: 3.5pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>15,420</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; text-indent: 0; padding-right: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; 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 June&nbsp;30</U>,</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; text-indent: 0; width: 64%; padding-right: 1.5pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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>2024</U></B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 19%; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-indent: 0; vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues
    from customers located in Argentina</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">792,701</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">870,580</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenues
    from foreign customers</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,383</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,258</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPEX
    corresponding to the segment &ldquo;ICT Services in Argentina&rdquo;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,075</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,695</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAPEX
    corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,416</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,211</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c)</B></FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
the six and three-month periods ended June&nbsp;30, 2024 and 2023, the weighted average number of shares outstanding amounted to 2,153,688,011.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>d)</B></FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 June&nbsp;30, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
table below shows the evolution of the indexes as of June&nbsp;30, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>As
    of June&nbsp;30, <BR>
    2023</U></B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>As
    of December&nbsp;<BR>
    31, 2023</U></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>As
    of June&nbsp;30, <BR>
    2024</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">National
    Consumer Price Index (National CPI) (December&nbsp;2016=100)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,709.61</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,533.19</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,351.71</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Variation
    in prices</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">271.5%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    six months</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79.8%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    three months since March&nbsp;2023/2024</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.6%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Banco
    Naci&oacute;n US$/$ exchange rate </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">256.70</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">808.45</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">912.00</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Variation
    in the exchange rate</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105.0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">356.3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">310.5%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    six months</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.8%</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    three months since March&nbsp;2023/2024</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.3%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>e)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>New
                                            Standards and Interpretations issued by the IASB</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>New
Standards and Interpretations issued by the IASB applied by the Company</U></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 23%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Standards
    and<BR>
 amendments</B></FONT></TD>
    <TD STYLE="width: 49%; 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: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="width: 28%; 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: 10pt"><B>Mandatory
    application date for<BR>
 years beginning on or after</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendments
    to IFRS 16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Measurement
    of the lease liability in a sale and leaseback transaction</FONT></TD>
    <TD STYLE="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: 10pt">January&nbsp;1,
    2024</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendments
    to IAS 1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Classification
    of liabilities as current and non-current exposed to covenants</FONT></TD>
    <TD STYLE="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: 10pt">January&nbsp;1,
    2024</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendments
    to IAS 7 and IFRS 7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Disclosure
    requirements to enhance the transparency of supplier finance arrangements and their effects on a company's liabilities, cash flows
    and exposure to liquidity risk. The new disclosures are not required to be provided in the 2024 interim report.</FONT></TD>
    <TD STYLE="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: 10pt">January&nbsp;1,
    2024</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
application of the detailed amendment did not generate any impact on the results of operations or the financial situation of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>New
Standards and Interpretations issued by the IASB not in force</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of the date to prepare these unaudited condensed consolidated financial statements, the Company has not applied the following new standards
and amendments to the existing ones which application is mandatory for periods beginning after June&nbsp;30, 2024:</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Standards
    and <BR>
amendments</B></FONT></TD>
    <TD STYLE="width: 49%; 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: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="width: 28%; 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: 10pt"><B>Mandatory
    application<BR>
 date for years beginning<BR>
 on or after</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; 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: 10pt">IFRS
    18</FONT></TD>
    <TD STYLE="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: 10pt">Presentation
    and disclosure in financial statements</FONT></TD>
    <TD STYLE="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: 10pt">January&nbsp;1,
    2027</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; 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: 10pt">Amendments
    to IFRS 7 and 9</FONT></TD>
    <TD STYLE="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: 10pt">Classification
    and Measurement of Financial Instruments</FONT></TD>
    <TD STYLE="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: 10pt">January&nbsp;1,
    2026</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">It
should be noted that on August&nbsp;15, 2023, the CNV issued General Resolution No.&nbsp;972/23, which does not allow early application
of new IFRS Accounting Standards or their amendments. While Management is analyzing the potential impacts of such standard.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="c2"></A>NOTE
2 &ndash; CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS. DIVIDENDS PAYABLES</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD><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 Times New Roman, Times, 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="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Cash
    and cash equivalents</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    and Banks&nbsp;&nbsp;(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,980</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">163,535</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Time
    deposits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56,744</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,906</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mutual
    funds</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,507</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,999</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Government
    bonds at fair value through profit or loss</FONT></TD>
    <TD STYLE="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: 8pt">16,777</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,790</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>165,008</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>287,230</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 1.5pt; padding-left: 19.8pt; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
    of June&nbsp;30, 2024 includes restricted funds for $16,210 million corresponding to the funds to be paid to clients.</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Investments</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current
    </U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Government
    bonds and Notes at fair value through profit or loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,893</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,157</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Time
    deposits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,654</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,770</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mutual
    funds</FONT></TD>
    <TD STYLE="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: 8pt">594</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">935</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>223,141</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>222,862</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-
    current</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Investments
    in associates and joint ventures(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,822</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,798</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2003
    Telecommunications Fund</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>36,823</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42,799</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    investments</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>259,964</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>265,661</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, 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>
    <TD STYLE="border-bottom: Black 1pt solid; width: 17%; background-color: white; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Companies</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Nature
    of<BR>
    relationship</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Main
    activity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Country</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Percentage
    of <BR>
    capital<BR>
    stock owned and<BR>
    voting rights (%)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Valuation<BR>
    as of<BR>
    06.30.2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Valuation
    <BR>
    as of<BR>
    12.31.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver
    TV. (1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable
    television station</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49.00</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,731</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,864</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TSMA
    (1)&nbsp;(2)&nbsp;(3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cable
    television station</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50.10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,688</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,857</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable (1)&nbsp;(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Closed-circuit
    television</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,648</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,041</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH
    (1)(4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Holding</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50.00</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,755</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,036</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>36,822</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; 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: 8pt"><B>42,798</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 4pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data
about the issuer arises from extra-accounting information.</FONT></P>

<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; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct
and indirect interest.</FONT></P>

<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; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></P>

<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; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of June&nbsp;30, 2024, includes $(2,169) million of currency translation adjustments.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Three-months
                                            period ended</U></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Six-months
                                            period ended</U></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Profit
    (loss)</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,246)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(729)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,912)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TSMA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(141)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,673)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(156)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,416)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(52)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">438</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,308)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(123)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,112)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(123)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,361)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,967)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,972)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,013)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b)</B></FONT></TD><TD><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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Changes
in assets/liabilities components:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; width: 65%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    (increase) decrease in assets</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center; width: 17%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trade
    receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(155,906)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(119,978)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(43,024)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(101,179)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,252</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,052)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(191,678)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(228,209)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    increase (decrease) in liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trade
    payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,258</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">186,140</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Salaries
    and social security payables</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,868</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,113</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    taxes payables </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,869</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,291</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    liabilities and provisions</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,246)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,080</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>114,749</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>247,624</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Main
Financing activities components</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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: 90%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="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: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%; 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="vertical-align: top; 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: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; 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: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    overdrafts</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">197,305</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">124,964</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">66,835</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">149,585</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    and other financial entities loans</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,737</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    borrowings proceeds</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>264,140</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>286,286</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(94,971)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(19,078)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    and other financial entities loans</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(123,280)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(104,010)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loans
    for purchase of equipment</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,832)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,202)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    payment of borrowings</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(225,083)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(139,290)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    overdrafts</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(59,309)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(40,671)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38,404)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27,192)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    and other financial entities loans</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(54,130)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(59,698)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">By
    DFI and loans for purchase of equipment</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,582)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(30,499)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    payment of interest and related expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(153,425)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(158,060)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; width: 74%; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PP&amp;E
    and intangible assets acquisition financed with accounts payable</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,597</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">170,706</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Right
    of use assets acquisition through leases liabilities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91,354</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,223</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends
    payment made with investments not considered as cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">187,767</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trade
    payables cancelled with borrowings</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,508</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,846</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trade
    payables cancelled with government bonds</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,423</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends
    to non-controlling interest pending to pay</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">681</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends
    distribution from associates uncollected</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    ventures acquisition cancelled with government bonds </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">985</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquisition
    of companies and joint ventures financed by other liabilities (Note 25.2.a)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,370</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,059</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables offset with acquisition of companies and joint ventures (Note 25.2.a)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,708</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">398</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Dividends
received from associates</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brief
information on dividends received by the Company is provided below:</FONT></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: 95%; border-collapse: collapse">
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD ROWSPAN="2" STYLE="font: 8pt 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"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six-month<BR>
    period ended</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June&nbsp;30</B></FONT></P></TD>
    <TD ROWSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Paying</B></FONT></P>
    <P STYLE="font: 8pt 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 COLSPAN="3" STYLE="font: 8pt 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: 8pt"><B>Distributed
    amount</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt 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: 8pt"><B>Dividends
    collected</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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: 8pt"><B>Distribution<BR>
    month</B></FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt"><B>Currency
    of the<BR>
    transaction<BR>
    date</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; border-bottom: black 1pt solid; 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"><B>Current
    currency<BR>
    as of June&nbsp;30, <BR>
    2024</B></FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt"><B>Collection<BR>
    month</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; 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"><B>Current
    currency<BR>
    as of June&nbsp;30,<BR>
    2024</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt 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: 8pt">2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">March,
    2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">281</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">333</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">March,
    2024</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">333</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">May,
    2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">400</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">418</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">May,
    2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">418</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">TSMA</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">May,
    2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">12</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">13</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">May,
    2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">13</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">June,
    2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">71</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">71</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">(*)</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt"><B>835</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; 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">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt"><B>764</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">March,
    2023</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">130</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">594</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April,
    2023</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">550</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">April,
    2023</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">200</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">784</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">April,
    2023</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">784</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; 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: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt"><B>1,378</B></FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt"><B>1,334</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)
As of June&nbsp;30, 2024, these dividends are pending collection.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Distribution
of non-cash dividends</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 90%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six-month
                                            period ended</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June&nbsp;30</B></FONT></P></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non
    cash</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Distributed
    amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="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: 8pt"><B>Currency
    of the<BR>
    transaction date</B></FONT></TD>
    <TD STYLE="vertical-align: top; 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: 8pt"><B>Current
    currency as of<BR>
    June&nbsp;30, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 27%; 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: 8pt">2023
    <B><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 34%; 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: 8pt">2030
    Global Bonds: US$411,214,954</FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: 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">47,701</FONT></TD>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; border-right: 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">187,767</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 4pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pursuant
                                            to the powers delegated by the shareholders of Telecom Argentina at the Ordinary and Extraordinary
                                            Shareholders&rsquo; Meeting held on April&nbsp;27, 2023, on May&nbsp;3, 2023, the Board resolved
                                            to partially reverse the &ldquo;Voluntary reserve to maintain the Company's level of capital
                                            expenditures and its current solvency level&rdquo; to distribute as non-cash dividends.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Dividends
paid to non-controlling interests in subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brief
information on cash dividends distributed and paid is provided below:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD ROWSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six-month<BR>
    period ended</B></FONT></P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June&nbsp;30</B></FONT></P></TD>
    <TD ROWSPAN="2" STYLE="font: 8pt 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: 8pt"><B>Paying<BR>
    company</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 8pt 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: 8pt"><B>Distribution<BR>
    month</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt 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: 8pt"><B>Distributed
    amount</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 8pt 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: 8pt"><B>Payment<BR>
    month</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font: 8pt 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: 8pt"><B>Dividends
    paid in <BR>
    current currency as <BR>
    of June&nbsp;30, 2024</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt 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: 8pt"><B>Currency
    of the<BR>
    transaction date</B></FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt"><B>Current
    currency as<BR>
    of June&nbsp;30, 2024</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt 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: 8pt">2024</FONT></TD>
    <TD STYLE="font: 8pt 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; font-size: 8pt">N&uacute;cleo</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">April,
    2024</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,468</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,046</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">April,
    2024</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 20%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,046</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">May,
    2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">842</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">882</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">May,
    2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">882</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt"><B>7,928</B></FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt"><B>7,928</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: middle; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">Personal
    Env&iacute;os</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">June,
    2024</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">681</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">681</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt 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: 8pt">(*)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;<FONT STYLE="font-size: 4pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)
As of June&nbsp;30, 2024, these dividends are pending payment. The same converted at the closing exchange rate amount to $616 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><A NAME="c3"></A>NOTE 3
 &ndash; TRADE RECEIVABLES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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="width: 67%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ordinary
    receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">315,293</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">300,677</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Related
    parties (Note 24.b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,204</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,246</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Contractual
    asset IFRS 15 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">79</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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">Allowance
    for doubtful accounts</FONT></TD>
    <TD STYLE="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: 8pt">(65,287)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(63,142)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>252,285</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>238,860</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ordinary
    receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">380</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">422</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Contractual
    asset IFRS 15 </FONT></TD>
    <TD STYLE="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: 8pt">29</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>409</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>453</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    trade receivables, net</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>252,694</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>239,313</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Movements
in the allowance for doubtful accounts are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 17%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(63,142)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(86,147)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(35,283)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(47,909)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Uses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(861)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,910</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RECPAM
    and currency translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,999</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,420</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="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: 8pt"><B>(65,287)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(75,726)</B></FONT></TD></TR>
  </TABLE>
<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"></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 Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_001"></A>NOTE
4 &ndash; OTHER RECEIVABLES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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-size: 8pt; width: 70%; 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-size: 8pt; width: 15%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 15%; 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-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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: 8pt">Prepaid
    expenses</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,645</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,902</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    tax credits</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,705</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,375</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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: 8pt">Related
    parties (Note 24.b)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">328</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">388</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DFI</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,712</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,785</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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: 8pt">Indemnification
    assets</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Guarantee
    of financial operations</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,069</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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: 8pt">Guarantee
    deposits</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; 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-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,345</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Call
    option (Note 25.2.a)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,062</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,250</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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: 8pt">Other</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,001</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,220</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allowance
    for other receivables</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,110)</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,153)</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>55,543</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>61,193</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-Current
    </U></B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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: 8pt">Prepaid
    expenses</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,147</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,640</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax credits</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,291</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,376</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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: 8pt">Other
    tax credits</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DFI</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">786</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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: 8pt">Guarantee
    deposits </FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,215</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,579</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,886</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,809</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>27,860</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>35,289</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    other receivables, net&#8239;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; 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>83,403</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>96,482</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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: 10pt Times New Roman, Times, 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: 79%; border-collapse: collapse; margin-right: 0.85in; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 20%; 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="width: 20%; 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="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,153)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,195)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(369)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(505)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RECPAM
    and currency translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,412</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,412</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="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: 8pt"><B>(2,110)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,288)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_002"></A>NOTE
5 &ndash; INVENTORIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 97%; border-collapse: collapse; margin-left: 0.1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mobile
    handsets and others</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46,175</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59,138</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allowance
    for obsolescence of inventories</FONT></TD>
    <TD STYLE="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: 8pt">(3,985)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,457)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    inventories</B></FONT></TD>
    <TD STYLE="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: 8pt"><B>42,190</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>56,681</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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: 10pt Times New Roman, Times, 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: 79%; border-collapse: collapse; margin-right: 0.85in; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; 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="width: 20%; 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="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,457)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,742)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,655)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(186)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Uses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">127</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">219</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,985)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,709)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_003"></A>NOTE
6 &ndash; GOODWILL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 98.5%; border-collapse: collapse; margin-left: 0.1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="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">2,774,647</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,760,414</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Abroad</FONT></TD>
    <TD STYLE="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">8,869</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,211</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    goodwill</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,783,516</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,775,625</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Movements
in Goodwill are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 98.5%; border-collapse: collapse; margin-left: 0.1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,775,625</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,769,775</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Incorporation
    by acquisition (Note 25.2.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">793</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increases
    (Note 25.2.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,342</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">431</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,244)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">209</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="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: 8pt"><B>2,783,516</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,770,415</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_004"></A>NOTE
7 &ndash; PP&amp;E</B></FONT></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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97.5%; border-collapse: collapse; margin-right: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PP&amp;E
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,787,418</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,128,137</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allowance
    for obsolescence and impairment of materials</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,557)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(39,537)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    impairment of others PP&amp;E</FONT></TD>
    <TD STYLE="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: 8pt">(4,057)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,457)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,750,804</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,084,143</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Movements
in PP&amp;E (without allowance for obsolescence and impairment of materials and accumulated impairment of others PP&amp;E) are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.65in; font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-right: 0.3in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,128,137</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,493,421</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">CAPEX</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207,726</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">218,411</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acquisitions
    through business combinations (Note 25.2.a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,826</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(122,263)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,707)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    carrying value of decreases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(385)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(398)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Reclassification
    to Assets classified as held for sale (*)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,781)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation
    of the period</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(425,842)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(496,951)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,787,418</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,209,776</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(*)
Corresponds to buildings that the Company considers available for sale and comply with the requirements of IFRS 5 for their classification.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.65in; font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-right: 0.3in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(39,537)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(50,826)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decreases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,597</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,295</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="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: 8pt">383</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(32,557)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(47,552)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Movements
in the accumulated impairment of others PP&amp;E are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.65in; font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-right: 0.3in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,457)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,317)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decreases
    </FONT></TD>
    <TD STYLE="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: 8pt">400</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,057)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,243)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_005"></A>NOTE
8 &ndash; INTANGIBLE ASSETS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 96%; border-collapse: collapse; margin-left: 0.1in; margin-right: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Intangible
    assets </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,651,890</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,690,480</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment
    allowance</FONT></TD>
    <TD STYLE="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: 8pt">(60,975)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(60,975)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,590,915</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,629,505</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.65in; font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-right: 0.3in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,690,480</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,487,319</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">CAPEX</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,866</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,184</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,306)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(353)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Amortization
    of the period</FONT></TD>
    <TD STYLE="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: 8pt">(49,150)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(77,832)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,651,890</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,419,318</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.65in; font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-right: 0.3in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(60,975)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(60,842)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(133)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(60,975)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(60,975)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 23; Value: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></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 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_006"></A>NOTE
9 &ndash; RIGHT OF USE ASSETS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 96%; border-collapse: collapse; margin-left: 0.1in; margin-right: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Leases
    rights of use</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Sites
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">241,116</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">247,489</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real
    estate and others</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,929</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,105</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Poles</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,371</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,311</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Indefeasible
    right of use</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,057</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,095</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Asset
    retirement obligations</FONT></TD>
    <TD STYLE="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: 8pt">68,096</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,755</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>384,569</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>387,755</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.65in; font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-right: 0.3in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 66%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>387,755</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>352,310</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Increase</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91,354</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,223</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
    carrying value of decreases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(296)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(104)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,675)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">836</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amortization
    of the period</FONT></TD>
    <TD STYLE="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: 8pt">(82,569)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(60,021)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>384,569</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>369,244</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_007"></A>NOTE
10 &ndash; TRADE PAYABLES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 96%; border-collapse: collapse; margin-left: 0.1in; margin-right: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Suppliers
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">381,440</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">631,347</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Related
    parties (Note 24.b)</FONT></TD>
    <TD STYLE="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: 8pt">9,984</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,179</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>391,424</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>641,526</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 3.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Suppliers
    </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,944</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,643</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,944</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,643</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    trade payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>402,368</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>643,169</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_008"></A>NOTE
11 &ndash; BORROWINGS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 94%; border-collapse: collapse; margin-left: 0.1in; margin-right: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Bank
    overdrafts &ndash; principal </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">165,603</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,272</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Bank
    and other financial entities loans &ndash; principal</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">240,792</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">368,081</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Notes
    &ndash; principal</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">263,748</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">339,729</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;DFI</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Loans
    for purchase of equipment</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,373</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,012</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">&nbsp;Remeasurement,
    interest and related expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">134,231</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234,885</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>820,770</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,012,979</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Notes
    &ndash; principal</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,229,994</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,796,166</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Bank
    and other financial entities loans &ndash; principal</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">372,086</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">718,515</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Loans
    for purchase of equipment</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,891</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,280</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Remeasurement,
    interest and related expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">134,249</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">278,746</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,743,220</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,812,707</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    borrowings</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,563,990</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,825,686</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, 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: 95%; border-collapse: collapse; margin-right: 0.25in">
  <TR>
    <TD STYLE="vertical-align: top; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Balances<BR>
    at the<BR>
    beginning<BR>
    of the<BR>
    year</U></B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Net
    Cash<BR>
    Flows</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Accrued
    </U></B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Exchange<BR>
    differences, currency<BR>
    translation <BR>
    adjustments and <BR>
    others</U></B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 0; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Balances<BR>
    as of June<BR>
    &nbsp;30, 2024</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    overdrafts </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,272</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">197,305</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(73,974)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>165,603</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    and other financial entities loans &ndash; principal </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,086,596</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(123,280)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(350,438)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>612,878</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes
    &ndash; principal </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,135,895</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,136)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(614,017)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,493,742</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DFI</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(739)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">762</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loans
    for purchase of equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,292</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,832)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,196)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>23,264</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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: 8pt">Remeasurement,
    interest and related expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">513,631</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(153,494)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">128,521</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(220,178)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>268,480</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="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: 8pt"><B>Total
    as of June&nbsp;30, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,825,686</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(*)
    (115,176)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>128,521</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(**)&nbsp;&nbsp;(1,275,041)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,563,990</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="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: 8pt"><B>Total
    as of June&nbsp;30, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,626,642</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(*)&nbsp;&nbsp;&nbsp;(24,268)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>50,602</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(***)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44,413)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,608,563</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(*)
Includes $(808) million and $(13,204) million, respectively, corresponding to DFI collections included in Other receivables.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(**)
Includes $10,508 million of loans that do not represent cash movement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(***)
Includes $9,846 million of loans that do not represent cash movement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Recent
developments of Borrowings for the six-months period ended June&nbsp;30, 2024 are detailed below:</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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>
    <TD STYLE="border: Black 1pt solid; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Series</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Amount
                                            involved</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(in
    millions)</B></FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Issuance
    date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Maturity
    date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Amortization</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest
    rate</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest payment date</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Accounting
    balance (in millions) (1)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$
    linked</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59.7
    (2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">06/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">06/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In
    one installment at maturity date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    fixed rate of 5.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly
    basis</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56,363</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$
    linked</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.6
    (3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">06/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">06/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In
    one installment at maturity date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    fixed rate of 5.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly
    basis</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,524</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">This
                                            accounting balances includes remeasurement, interest and related expenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">For
                                            Series&nbsp;20 Notes issued, the subscription price was above par. The Company issued Notes
                                            for a nominal value of $55,619 million, equivalent to US$59.7 million. Of the total issued,
                                            the Company obtained proceeds net of issuance expenses of $46,210 million (equivalent to
                                            US$51.8 million) and an integration in kind of $9,128 million (equivalent to US$9.8 million)
                                            was made through the exchange of a portion of the Series&nbsp;9 Notes. This transaction was
                                            recognized as a debt extinguishment, recognizing a loss of $0.4 million that is included
                                            in &ldquo;Borrowings renegotiation results&rdquo; item, within Financial results from borrowings.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(3)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">For
                                            Series&nbsp;20 Notes additional issued, the subscription price was above par. The Company
                                            obtained proceeds net of issuance expenses of $20,225 million, equivalent to US$21.6 million.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Bank
                                            and other financing entities loans</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><U>Export
Development Canad&aacute; 2023 (EDC)</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
June&nbsp;2024, disbursements of the aforementioned credit line of US$11.6 million (equivalent to $10,508 million as of June&nbsp;30,
2024) was completed, maturing in May&nbsp;2030. The principal disbursed accrues compensatory interest at a semi-annual SOFR plus a margin
of 6.65 percentage points.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Compliance
                                            with covenants</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Considering
the complexity of Argentina&rsquo;s economic situation, described in Note 29 to our consolidated financial statements for the year-ended
December&nbsp;31, 2023, which prevented the early and accurate estimation of certain financial ratios</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">,
the Company requested and obtained waivers regarding the Net Debt/EBITDA ratio.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
March&nbsp;2024, the Company requested and obtained from the Lenders new waivers effective until March&nbsp;31, 2025, which allow increasing
the maintenance Net Debt/EBITDA ratio above the originally established level (raising it to 3.75), for the calculation period between
December&nbsp;31, 2023 and December&nbsp;31, 2024, establishing a net debt of US$2,700 billion on each calculation date, among other
matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of June&nbsp;30, 2024 the</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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.</FONT></P>

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

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

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<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 3pt">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_009"></A>NOTE
12 &ndash; SALARIES AND SOCIAL SECURITY PAYABLES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 96%; border-collapse: collapse; margin-left: 0.1in; margin-right: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Salaries,
    annual complementary salaries, vacation, bonuses and their social security payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,894</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">156,516</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Termination
    benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,132</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,329</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>137,026</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>163,845</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 4.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Termination
    benefits</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,999</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,704</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,999</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,704</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    salaries and social security payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>145,025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>170,549</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="sp4_010"></A>NOTE
13 &ndash; INCOME TAX PAYABLE AND DEFERRED INCOME TAX ASSETS/LIABILITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, 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: 92%; border-collapse: collapse; margin-left: 0.4in; margin-right: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N&uacute;cleo</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,558</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,268</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NYSSA</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">240</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">266</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adesol</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">425</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">187</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Opalker</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Micro
    Fintech Holding</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Televisi&oacute;n
    Dirigida</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">592</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pem</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,875</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,808</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<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 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(*)
Includes $(1,504) 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, 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 Times New Roman, Times, Serif; width: 92%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 64%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 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>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="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>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tax
    carryforward</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(65,083)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(888,737)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allowance
    for doubtful accounts</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21,496)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(30,171)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Legal
    Claims and contingent liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8,475)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,152)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PP&amp;E,
    intangible assets and right of use assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,102,493</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,119,154</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    dividends from foreign companies</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,148</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,506</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income
    tax inflation adjustment effect</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">146,273</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">594,451</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    deferred tax assets, net</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,452)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(284)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    deferred tax liabilities, net</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,165,408</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>805,767</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Actions
    for recourse tax receivable</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(888)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,596)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    deferred tax liability, net </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(*)&nbsp;&nbsp;&nbsp;&nbsp;1,164,520</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>804,171</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    deferred tax assets </B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(20,904)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(24,836)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;Net
    deferred tax liabilities </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,185,424</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>829,007</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(*)
Includes $3,815 million of currency translation adjustments on foreign subsidiaries&rsquo; initial balances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of June&nbsp;30, 2024, Telecom and some subsidiaries have cumulative tax loss carryforwards of $187,432 million (including $988 million
of unrecognized tax loss carryforwards for considering them non-recoverable), that calculated considering statutory income tax rate,
represents a deferred tax asset of $65,083 million.</FONT></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; width: 78%; border-collapse: collapse; margin-left: 35.45pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">Company</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Tax
    loss carryforward<BR>
 generation year</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Tax
    loss carryforward<BR>
 amount as of<BR>
 06.30.2024</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Tax
    loss<BR>
 carryforward<BR>
 expiration year</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 28%; text-align: center"><FONT STYLE="font-size: 8pt">Telecom</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 25%; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; width: 25%; text-align: right"><FONT STYLE="font-size: 8pt">144,540</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 22%; text-align: center"><FONT STYLE="font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Micro Sistemas</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2021</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">240</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2026</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Micro Sistemas</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">3,424</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Micro Sistemas</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">17,646</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Micro Sistemas</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2024</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">19,659</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2029</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Interradios</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Pem</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2024</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">91</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2029</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Ubiquo</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">No deadline</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">RISSAU</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">526</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Manda</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2020</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">194</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2025</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Manda</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Manda</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">779</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">AVC Continente Audiovisual</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2021</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2026</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">AVC Continente Audiovisual</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">37</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">AVC Continente Audiovisual</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">130</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">AVC Continente Audiovisual</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2024</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">42</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2029</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Cable Imagen</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2021</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2026</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Cable Imagen</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2022</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">16</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2027</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">Cable Imagen</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">2028</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Cable Imagen</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">23</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">2029</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding-right: 15pt; text-align: right"><FONT STYLE="font-size: 8pt">187,432</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
tax benefit (expense) differed from the amounts computed by applying the statutory income tax rate </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of
each company to pre-tax income as a result of the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse; margin-left: 15pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Six-month
    period ended<BR>
 June&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; width: 71%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; 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-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Profit
    (loss)</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income before income
    tax</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,220,731</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,743</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-taxable items &ndash; Losses from associates and
    joint ventures</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,972</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,013</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-taxable items &ndash; Other</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,863)</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,150)</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Restatement in current currency of Equity, goodwill and
    other</FONT></TD>
    <TD STYLE="font-size: 8pt; 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: 8pt">693,260</FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">943,875</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,915,100</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>949,481</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Effective income tax rate</FONT></TD>
    <TD STYLE="font-size: 8pt; 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: 8pt">34.69%</FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34.57%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income tax expense at statutory tax rate of each companies</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(664,340)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(328,250)</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred tax liability restatement in current currency
    and other</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">909,762</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">778,630</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax inflation adjustment</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(606,414)</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(303,807)</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax on cash dividends of foreign companies</FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(516)</FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,907)</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income tax benefit (expense)(*)(**)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(361,508)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>139,666</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Current tax </FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5,538)</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,575)</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred tax </FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(355,970)</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">141,241</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income tax benefit (expense)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(361,508)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>139,666</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)
Includes $2,711 million and ($2,121) million in the six-month periods ended June&nbsp;30, 2024 and 2023, respectively, corresponding
to the adjustments made in respective Affidavits 2023 and 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(**)
Includes $214 million in the six-month period ended June&nbsp;30, 2024 corresponding to a computable withholding arising from the subsidiary
Micro Fintech Holding, which is not subject to income tax.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><A NAME="sp4_011"></A>NOTE
14 &ndash; OTHER TAXES PAYABLES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other national taxes </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,790</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59,674</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provincial taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,280</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,482</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Municipal taxes</FONT></TD>
    <TD STYLE="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: 8pt">3,231</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,221</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>70,301</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>70,377</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non- current</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Provincial taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total other taxes payables</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>70,305</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>70,397</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><A NAME="sp4_012"></A>NOTE 15
 &ndash; LEASES LIABILITIES</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,202</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,504</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Abroad</FONT></TD>
    <TD STYLE="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: 8pt">2,002</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,155</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>50,204</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>51,659</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-
    current</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,184</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,493</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Abroad</FONT></TD>
    <TD STYLE="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: 8pt">18,555</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,207</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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: 8pt"><B>82,739</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>107,700</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    leases liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>132,943</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>159,359</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Movements
in Leases liabilities are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 64%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At the beginning of the
    year</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>159,359</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>161,775</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Increases (*)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,911</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,464</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial results, net (**)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,496</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,034</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(35,895)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(37,183)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decreases (included RECPAM
    and currency translation adjustments)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(78,928)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(57,641)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="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: 8pt"><B>132,943</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>153,449</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)
Included in Rights of use assets acquisitions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(**)
Included in Other foreign currency exchange gains (losses) and Other interests, net.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><A NAME="sp4_013"></A>NOTE 16
 &ndash; OTHER LIABILITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 95%; border-collapse: collapse; margin-right: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    revenues on prepaid credit</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,273</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,303</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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">Deferred
    revenues on connection fees and international capacity leases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,078</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,099</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Debt
    for acquisition of companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">6,689</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,020</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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">Related
    parties (Note 24.b)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,545</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,239</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Funds
    to be paid to clients</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,210</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,978</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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">Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,597</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,143</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42,392</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>36,782</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    revenues on connection fees and international capacity leases</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,604</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,743</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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">Pension
    benefits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,623</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,043</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Related
    parties (Note 24.b)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,329</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,431</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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">Debt
    for acquisition of companies</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">692</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,844</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-indent: 5.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">194</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,318</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>16,255</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    other liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>50,710</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>53,037</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><A NAME="sp4_014"></A>NOTE
17 &ndash; PROVISIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The evolution
of provisions as of June&nbsp;30, 2024 and 2023 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 95%; border-collapse: collapse; margin-right: 10pt">
  <TR>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-<BR>
    tions</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 8pt Times New Roman, Times, 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: 8pt Times New Roman, Times, 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-size: 8pt; 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-size: 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Balances</B></FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>as
    of<BR>
    June&nbsp;30, 2024</B></FONT></P></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 8pt Times New Roman, Times, 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: 8pt Times New Roman, Times, 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: 8pt Times New Roman, Times, 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-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 8pt Times New Roman, Times, 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: 8pt Times New Roman, Times, 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-size: 8pt; 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-size: 8pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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">9,600</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">171</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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">10,768</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">(10,386)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">(3,427)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">6,726</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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>9,600</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>171</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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>10,768</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>(10,386)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>(3,427)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>6,726</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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">23,023</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">7,079</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">7,275</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">(10,768)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">(28)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">(6,621)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">19,960
    </FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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">23,928</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">13,443</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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">(11,828)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">25,543</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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>46,951</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>20,522</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>7,275</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>(10,768)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>(28)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>(18,449)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>45,503</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; 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
    provisions</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>56,551</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20,693</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,275</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(10,414)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(21,876)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.5pt double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>52,229</B></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4
                                            million related to acquisitions through business combinations (Note 25.2.a), $7,246 million
                                            charged to Other operating expenses and $13,443 million to Right of use assets.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Charged
                                            to Other financial results, net - Other interests, net.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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: 95%; border-collapse: collapse; margin-right: 10pt">
  <TR>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-<BR>
tions</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 8pt Times New Roman, Times, 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: 8pt Times New Roman, Times, 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-size: 8pt; 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-size: 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Balances</B></FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>as
    of<BR>
    June&nbsp;30, 2023</B></FONT></P></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 8pt Times New Roman, Times, 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: 8pt Times New Roman, Times, 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: 8pt Times New Roman, Times, 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-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 8pt Times New Roman, Times, 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: 8pt Times New Roman, Times, 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-size: 8pt; 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-size: 8pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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">14,742</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">17,417</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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">12,914</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">(27,515)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">(4,283)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">13,275</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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>14,742</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>17,417</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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>12,914</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>(27,515)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,283)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>13,275</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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">36,421</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">9,668</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">8,709</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">(12,914)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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">(9,345)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">32,539</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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">28,823</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">11,759</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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">(9,931)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">30,651</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>65,244</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>21,427</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>8,709</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>(12,914)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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>(19,276)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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>63,190</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; 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
    provisions</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>79,986</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>38,844</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,709</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(27,515)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(23,559)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>76,465</B></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(i)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$27,085
                                            million charged to Other operating expenses and $11,759 million to Right of use assets.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(ii)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Charged
                                            to Other financial results, net - Other interests, net.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><A NAME="sp4_015"></A>NOTE
18 &ndash; ADDITIONAL INFORMATION OF FINANCIAL ASSETS AND LIABILITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
assets and liabilities denominated in foreign currencies as of June&nbsp;30, 2024, and December&nbsp;31, 2023 are the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 66%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; width: 36%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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: 8pt"><B>06.30.2024</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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: 8pt"><B>12.31.2023</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; 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>In
    equivalent millions of Argentine pesos</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assets</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">185,199</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">321,757</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">(2,369,923)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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: 8pt">(4,048,911)</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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: 8pt"><B>(2,184,724)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; 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: 8pt"><B>(3,727,154)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
following table presents financial assets and liabilities that are offset as of June&nbsp;30, 2024 and December&nbsp;31, 2023:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 10pt; margin-right: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="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 June&nbsp;30, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 55%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade<BR>

    receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; 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="border-bottom: Black 1pt solid; width: 10%; 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="border-bottom: Black 1pt solid; width: 11%; 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="background-color: rgb(204,238,255)">
    <TD STYLE="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="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">284,804</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,648</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(434,478)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,234)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offsetting</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(32,110)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,173)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,110</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,173</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current and non-current assets (liabilities) &ndash;
    Book value </B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>252,694</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; 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>23,475</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; 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>(402,368)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; 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>(30,061)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse; margin-left: 10pt">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="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>
    <TD STYLE="vertical-align: top; width: 55%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade<BR>

    receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; 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="border-bottom: Black 1pt solid; width: 10%; 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="border-bottom: Black 1pt solid; width: 11%; 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="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,404</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,014</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(656,260)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(30,222)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offsetting</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13,091)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,568)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,091</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,568</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"><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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>239,313</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>42,446</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(643,169)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(28,654)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="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="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="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="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
assets and liabilities recognized at fair value as of June&nbsp;30, 2024 and December&nbsp;31, 2023, and the level of hierarchy are listed
below:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt; width: 55%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June&nbsp;30,
    2024</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; 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="border-bottom: Black 1pt solid; font-size: 8pt; width: 13%; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Level
    1</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; 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="border-bottom: Black 1pt solid; font-size: 8pt; width: 13%; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Level
    2</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; 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="border-bottom: Black 1pt solid; font-size: 8pt; width: 13%; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; 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-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current
    Assets</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mutual
    Funds (1)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,170</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,170</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Government
    bonds and Notes (1)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">225,670</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">225,670</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables: DFI</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,712</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,712</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current
    Assets</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables: DFI</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    assets</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>244,840</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,826</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>247,666</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; padding-right: 0; 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-size: 8pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 8pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; padding-right: 0; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">698</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">698</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Borrowings:
    DFI</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; 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-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">692</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">692</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,413</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; border-bottom: Black 2.25pt double; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,413</B></FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-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">Mutual
                                            Funds are included in &ldquo;Cash and cash equivalents&rdquo;, &ldquo;Investments&rdquo;
                                            and Guarantee of financial operations included in &ldquo;Other receivables&rdquo;. and Government
                                            bonds and Notes are included in &ldquo;Cash and cash equivalents&rdquo; and &ldquo;Investments&rdquo;.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 8pt; width: 55%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>December&nbsp;31,
    2023</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; 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="border-bottom: Black 1pt solid; font-size: 8pt; width: 13%; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Level
    1</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; 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="border-bottom: Black 1pt solid; font-size: 8pt; width: 13%; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Level
    2</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 8pt; 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="border-bottom: Black 1pt solid; font-size: 8pt; width: 13%; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; 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-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current
    Assets</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mutual
    Funds (1)&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,934</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,934</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Government
    bonds and Notes (1)</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234,947</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234,947</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables: DFI</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,785</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,785</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables: Indemnification assets</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current
    Assets</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; 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-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    receivables: DFI</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">786</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">786</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    assets</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>260,881</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,589</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>264,470</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; vertical-align: bottom; padding-right: 0; 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-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,020</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,020</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current
    Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; 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-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; white-space: nowrap; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    liabilities: Debt for acquisition of NYSSA</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,844</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; white-space: nowrap; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,844</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    liabilities</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,864</B></FONT></TD>
    <TD STYLE="font-size: 8pt; 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="border-top: Black 1pt solid; font-size: 8pt; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 0; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,864</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: 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">Mutual
                                            Funds are included in &ldquo;Cash and cash equivalents&rdquo; and &ldquo;Investments&rdquo;.
                                            Government bonds and Notes are included in &ldquo;Cash and cash equivalents&rdquo; and &ldquo;Investments&rdquo;.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
relation to the fair values set forth above, as of June&nbsp;30, 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">June&nbsp;30, 2024, fair value of borrowings is as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 59%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; width: 46%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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-size: 8pt; 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-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">1,610,391</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">1,528,055</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other borrowings</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">953,599</FONT></TD>
    <TD STYLE="font-size: 8pt; 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">963,628</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; 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-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,563,990</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,491,683</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="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="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="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="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c)</FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I><U>Exchange
rate Hedges</U></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
June&nbsp;2024, Telecom Argentina entered into several DFI agreements to hedge the fluctuation of the exchange rate from its loan portfolio
amounting to US$5 million fixing the exchange rate in 1,015 Argentine pesos/US$, maturing on August&nbsp;30, 2024.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><A NAME="sp4_016"></A>NOTE
19 &ndash; PURCHASE COMMITMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company has entered into various purchase commitments with domestic and foreign suppliers amounting to approximately </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$567,560
million as of June&nbsp;30, 2024 (of which $99,952 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><A NAME="sp4_017"></A>NOTE
20 &ndash; EQUITY</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 16.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Capital
                                            Stock</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of June&nbsp;30, 2024 and December&nbsp;31, 2023, the capital stock of Telecom Argentina amounts to $</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 59%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt; 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: 8pt"><B>Class&nbsp;of
    Shares</B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 2%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; 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: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class&nbsp;&ldquo;A&rdquo;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">683,856,600</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class&nbsp;&ldquo;B&rdquo;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">628,058,019</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class&nbsp;&ldquo;C&rdquo;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,734</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class&nbsp;&ldquo;D&rdquo;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">841,666,658</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: Black 2.5pt double; padding-right: 3pt; padding-left: 3pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,153,688,011</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 16.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b)</B></FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 34.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="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
                                            ($463,328 million in current currency as of June&nbsp;30, 2024): (i)&nbsp;absorb the amount
                                            of $257,730 million ($463,328 million in current currency as of June&nbsp;30, 2024) from
                                            the &ldquo;Voluntary reserve to maintain the Company's level of capital expenditures and
                                            its current solvency level&rdquo;; b) to reclassify the amount of $84,257 million ($139,179
                                            million in current currency as of June&nbsp;30, 2024) from &ldquo;Voluntary reserve to maintain
                                            the Company's level of capital expenditures and its current solvency level&rdquo; and to
                                            be charged against the &ldquo;Contributed Surplus&rdquo;;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 34.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
                                            delegate on the Board of Directors the power to reverse between October&nbsp;1, 2024 and
                                            December&nbsp;31, 2024 the &ldquo;Voluntary reserve to maintain the Company's level of capital
                                            expenditures and its current solvency level&rdquo; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in
                                            an amount that allows distribution of dividends in cash or in kind or any combination of
                                            both options, for up to the maximum amount of distribution of US$ 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 16.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>c)</B></FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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



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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="km_001"></A>NOTE
21 &ndash; REVENUES</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 98%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Three-month
    period ended<BR>
    June&nbsp;30,</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Six-month
    period ended<BR>
    June&nbsp;30,</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>2024</U></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>2023</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>2024</U></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>2023</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 51%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mobile
    Services</FONT></TD>
    <TD STYLE="width: 11%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">342,406</FONT></TD>
    <TD STYLE="width: 11%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">375,946</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">672,409</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">778,849</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Internet
    Services</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">218,247</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">194,151</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">418,073</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">410,373</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cable
    Television Services</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">122,803</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">168,203</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">243,058</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">351,738</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed
    and Data Services</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">107,787</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">111,041</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">221,313</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">223,717</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    services revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,449</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,475</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,741</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,501</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Subtotal
    services revenues</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">799,692</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">856,816</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,572,594</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,780,178</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equipment
    revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56,392</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">77,022</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,385</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">141,571</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total
    Revenues</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">856,084</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">933,838</FONT></TD><TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,666,979</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,921,749</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="km_002"></A>NOTE
22 &ndash; OPERATING EXPENSES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
main components of the operating expenses are the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>Three-month
    period ended<BR> June&nbsp;30,</U></FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>Six-month
    period<BR>
    ended June&nbsp;30,</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2024</U></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2023</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2024</U></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>2023</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD COLSPAN="5" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"><U>Profit (loss)</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 68%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Salaries,
    social security expenses and benefits</FONT></TD>
    <TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(179,175)</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(207,858)</FONT></TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(346,542)</FONT></TD>
    <TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(430,413)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Severance
    indemnities</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(22,983)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(9,919)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(38,970)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(21,876)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Other
    employee expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(5,160)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(6,373)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(8,932)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(9,478)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(207,318)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(224,150)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(394,444)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(461,767)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Maintenance
    and materials</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(61,873)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(63,940)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(125,300)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(119,577)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Fees for
    services</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(47,554)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(58,554)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(101,806)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(117,741)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Directors
    and Supervisory Committee&rsquo;s members&rsquo; fees</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(936)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(600)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,867)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,598)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(110,363)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(123,094)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(228,973)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(238,916)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Turnover
    tax</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(34,791)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(35,379)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(67,141)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(71,921)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Regulatory
    Entity Fees</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(16,937)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(17,842)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(33,165)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(37,350)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Municipal
    taxes</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(8,617)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(9,735)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(16,104)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(19,921)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Other
    taxes and fees</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(6,493)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(9,304)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(12,913)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(19,141)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(66,838)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(72,260)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(129,323)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(148,333)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Cost
    of equipment</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Inventory
    balance at the beginning of the year</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(55,901)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(42,645)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(59,138)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(38,840)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Plus:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 11.4pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Purchases</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(38,552)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(58,061)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(66,416)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(112,778)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 11.4pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Other</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2,717</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,052</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">5,532</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">6,123</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Less:</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Inventory
    balance at the end of the period</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">46,175</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">41,240</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">46,175</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">41,240</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(45,561)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(58,414)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(73,847)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(104,255)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Legal Claims
    and contingent liabilities</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(5,057)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(20,831)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(7,246)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(27,085)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Rental and
    internet capacity</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(9,224)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(5,233)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(14,989)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(10,968)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Energy, water
    and other services</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(24,610)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(17,699)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(41,239)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(37,313)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Postage,
    freight and travel expenses</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(5,795)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(7,034)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(10,701)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(13,565)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">435</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2,149)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(2,437)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(3,877)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(44,251)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(52,946)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(76,612)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(92,808)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Depreciation of PP&amp;E</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(214,864)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(252,946)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(425,842)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(496,951)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Amortization
    of intangible assets</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(24,402)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(38,351)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(49,150)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(77,832)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">Amortization
    of rights of use assets</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(41,799)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(31,425)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(82,569)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(60,021)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">(Impairment)
    / Recovery of Fixed Assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">469</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,134</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">372</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(129)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(280,596)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(321,588)</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(557,189)</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(634,933)</FONT></TD></TR>
  </TABLE>

<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"></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
expenses disclosed by function of expense amounted to $1,729,076 million and $2,011,410 million for the six-month period ended June&nbsp;30,
2024 and 2023, respectively are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 38%; padding-right: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, 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="border-bottom: Black 1pt solid; width: 9%; padding-right: 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="border-bottom: Black 1pt solid; width: 12%; padding-right: 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="border-bottom: Black 1pt solid; width: 14%; padding-right: 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="border-bottom: Black 1pt solid; width: 9%; padding-right: 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="border-bottom: Black 1pt solid; width: 9%; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total
    <BR>
    06.30.2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 9%; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total
    <BR>
    06.30.2023</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(215,187)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(83,715)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(95,542)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(394,444)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(461,767)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Interconnection
    costs and transmission costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(53,353)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(53,353)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(56,417)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(85,556)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(47,116)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(96,301)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(228,973)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(238,916)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(127,834)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(790)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(699)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(129,323)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(148,333)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(86,665)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(86,665)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(117,032)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(73,847)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(73,847)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(104,255)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(93,387)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(93,387)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(109,040)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(35,283)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(35,283)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(47,909)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(51,613)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(13,566)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(11,433)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(76,612)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(92,808)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(441,368)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(76,850)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(39,343)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">372</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(557,189)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(634,933)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total
    as of 06.30.2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(1,142,145)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(222,037)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(365,266)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>372</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(1,729,076)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total
    as of 06.30.2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(1,310,970)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(240,090)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(460,221)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(129)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(2,011,410)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="km_003"></A>NOTE
23 &ndash; FINANCIAL RESULTS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three-month
    period ended<BR>
    June&nbsp;30,</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Six-month
                                            period ended</U></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>June&nbsp;30,</U></B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; 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="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="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>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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="4" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit
    (loss)</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interests
    on borrowings (*)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,858)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(27,351)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,122)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(59,166)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Remeasurement
    in borrowings (**)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(39,023)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,680)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(74,013)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,340</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency exchange gains on borrowings (***)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">236,883</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,349</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,249,112</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67,581</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings
    renegotiation results</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,434)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    financial results from borrowings</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>176,002</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(24,682)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,121,977</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,321</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fair
    value gains/(losses) on financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,103</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,680)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,077)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29,741)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    foreign currency exchange gains (losses)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,665</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(941)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">151,451</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,823)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    interests, net </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,657</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,305</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,221</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,307</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    taxes and bank expenses</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(30,665)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9,629)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(49,186)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19,190)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    expenses on pension benefits</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(665)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(988)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,511)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,225)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    discounts on assets, debts and others</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,223)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,672)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,542)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,498)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,983</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">62,602</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">77,467</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">136,266</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    other financial results, net</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>26,855</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>34,997</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>163,823</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>83,096</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    financial results, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>202,857</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,315</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,285,800</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>99,417</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(*)
Includes $1,386 million and $776 million corresponding to net income generated by DFI in the six-month period ended June&nbsp;30, 2024
and 2023, respectively.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(***)
Includes $222 million and ($13,449) million corresponding to net income/ (losses) generated by DFI in the six-month period ended June&nbsp;30,
2024 and 2023, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="km_004"></A>NOTE
24 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Controlling
                                            Company</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Arial, Helvetica, Sans-Serif"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Balances
                                            with Related parties</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Associates
                                            and joint venture</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 92%; border-collapse: collapse">
  <TR>
    <TD STYLE="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="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="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>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="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="vertical-align: top">
    <TD STYLE="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="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="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="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="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>43</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 33; Value: 27 -->
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<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"></P>

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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 92%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 34%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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="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>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="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="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="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="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="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">254</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">377</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">72</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>326</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>381</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT
    LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    payables</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TSMA</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">878</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,926</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>887</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,934</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,545</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,239</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,545</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,239</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NON
    - CURRENT LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,329</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,431</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,329</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,431</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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>Other
                                            Related parties</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 92%; border-collapse: collapse">
  <TR>
    <TD STYLE="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="width: 31%; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>June&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    receivables</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="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="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">2,161</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,179</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,161</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,179</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    receivables</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CURRENT
    LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    payables</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,097</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,245</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9,097</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8,245</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>c)</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Transactions
                                            with Related parties</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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>Associates
                                            and joint ventures</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse">
  <TR>
    <TD STYLE="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 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Transaction</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Kind
    of related<BR>
 party</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Six-month
                                            period</U></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>ended
    June&nbsp;30,</U></B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 37%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Profit
    (loss)</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Revenues</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services
    revenues and other revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ver
    TV</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services
    revenues and other revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services
    revenues and other revenues</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">142</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black medium double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>263</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black medium double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>37</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Operating
    costs</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fees
    for services</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(432)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,111)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(432)</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,111)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, 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>Other
                                            Related parties</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 88%; border-collapse: collapse">
  <TR>
    <TD STYLE="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 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Transaction</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Six-month
                                            period</U></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>ended
    June&nbsp;30,</U></B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 54%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2023</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Profit
    (loss)</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Revenues</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Services
    and advertising revenues</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,459</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,698</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black medium double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,459</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black medium double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,698</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Operating
    costs</U></B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Programming
    costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14,735)</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,485)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Editing
    and distribution of magazines</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,847)</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,801)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Advisory
    services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,373)</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,237)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Advertising
    purchases</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(501)</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,226)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    purchases and commissions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,327)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(873)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.95pt; padding-left: 2.95pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: bottom; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(20,783)</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 2.95pt; padding-left: 2.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(23,622)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="km_005"></A>NOTE
25 &ndash; RECENT DEVELOPMENTS CORRESPONDING TO THE SIX-MONTH PERIOD ENDED JUNE 30, 2024</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 1.85pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Regulatory
                                            issues</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
connection with the decision rendered on November&nbsp;17, 2023 by the Federal Court on Administrative Litigation Matters No.&nbsp;8
whereby it nullified Decree No.&nbsp;690/20 and ENACOM Resolutions Nos. 1,466/20 and 1,467/20, on June&nbsp;19, 2024, Chamber II of the
Court of Appeals on Federal Administrative Matters rendered a decision whereby it fully upheld the first-instance judgment, ratifying
the nullity of both Decree No.&nbsp;690/20 and the aforementioned ENACOM Resolutions, considering them unconstitutional.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
July&nbsp;4, 2024, PEN filed an extraordinary appeal against the second instance ruling, which has not been granted to date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
the other hand, through Emergency Decree No.&nbsp;302/24, published in the Official Gazette on April&nbsp;9, 2024, the Executive Branch
repealed Decree No.&nbsp;690/20. Furthermore, on June&nbsp;25, 2024, through ENACOM Resolution No.&nbsp;13/24, the ENACOM revoked the
regulations that limited price increases for Internet, mobile telephony, and cable television services.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Micro
                                            Sistemas</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Through
Communication &quot;A&quot; No.&nbsp;8,038, the BCRA repealed Communication &quot;A&quot; No.&nbsp;7,825, which had established that
the return received by PSPCP in pesos of deposit accounts held at financial institutions, where their clients' funds are deposited, had
to be fully transferred to those clients.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additionally,
on July&nbsp;4, 2024, Micro Sistemas was registered with the BCRA as an Acceptor of payments made through transfers.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Corporate
                                            issues</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Exercise
                                            of the call option of Naperville and Saturn Holding LLC</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.1)
Naperville</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
May&nbsp;20, 2024, the subsidiary Televisi&oacute;n Dirigida partially exercised the call option to purchase 51% of Naperville (which
owns shares representing 76.63% of Manda</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&rsquo;s share capital and votes,
which in turn is the sole shareholder and owns 100% of RISSAU&rsquo;s share capital and votes, an operating company whose main activity
is the installation and operation of broadcasting services).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Additionally,
on the same day, Televisi&oacute;n Dirigida also exercised the call option for US$ 3,108 to purchase all the shares held by minority
shareholders in Manda, which represent 0.007% of the capital stock and votes of said company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
transaction price amounted to US$ 16.4 million ($14,584 million stated at the exchange rate prevailing on the transaction date), which
shall be settled as follows: a) US$ 3.8 million ($ 3,404 million stated at the exchange rate prevailing on the transaction date) has
been paid as an option premium on the date of execution of the Option Agreement dated October&nbsp;4, 2023, b) US$ 12.6 million for the
partial acquisition of 51%, of which US$ 6 million -$ 5,333 million stated at the exchange rate prevailing on the transaction date- was
paid within 48 hours of signing date , and US$ 6.6 million -$5,847 million stated at the exchange rate prevailing on the transaction
date- to be paid on July&nbsp;31, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
remained unsettled as of June&nbsp;30, 2024 amounts to $5,991 million which was included under &quot;Debt for acquisition of companies&quot;
within Other current liabilities. This debt was cancelled on July&nbsp;31, 2024.</FONT></P>

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

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Company's management has made a preliminary determination of the fair value of the assets acquired and liabilities assumed (net assets)
at the acquisition date, and from the comparison with the consideration paid has determined a goodwill.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Details
of the purchase consideration, the estimated net assets acquired and the goodwill resulting from the exercise of the call option for
51% of Naperville:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchase
    consideration</B></FONT></TD>
    <TD STYLE="width: 26%; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(In
    current currency<BR>
 at the acquisition<BR>
 date)</B></FONT></TD>
    <TD STYLE="width: 28%; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(In
    current currency<BR>
 as of June&nbsp;30, 2024)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Call
    option</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,404</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,708</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    Paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,333</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,810</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Remaining
    balance</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,847</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,370</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,584</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,888</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
assets and liabilities in millions recognized as a result of the acquisition are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 83%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(In
    current currency <BR>
at the acquisition<BR>
 date)</B></FONT></TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(In
    current currency as of <BR>
June&nbsp;30, 2024)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">642
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">699
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,613
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,758
    </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    receivables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">420
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">458
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Goodwill</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">728</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">793</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PP&amp;E
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,686
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,826
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    payables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,343
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,463
    </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    assets / liabilities, net</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,801)
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,042)
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    identifiable assets acquired</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,631</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,955</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Less:
    non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,211)
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,409)
    </FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Add:
    goodwill (*)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,164
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,342
    </FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    assets acquired</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,584
    </B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,888
    </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)
The Company will annually review the recoverability of goodwill.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Revenue
and profit contribution</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
acquired business contributed revenues of $208 million and Adjusted EBITDA of $(340) million for the period from May&nbsp;1, 2024 to
June&nbsp;30, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
July&nbsp;17, 2024, Televisi&oacute;n Dirigida exercised the call option to purchase the remaining shares, accounting for 49% of Naperville.
The price of this transaction amounted to US$ 15.8 million and shall be paid according to the schedule agreed by the parties, with the
possibility for Televisi&oacute;n Dirigida to make partial payments, pre-cancel outstanding balances if it so desires, or even postpone
payments subject to obtaining the prior consent of the seller.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Therefore,
the total transaction price amounted to US$ 32.2 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>a.2)
Saturn Holding LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of June&nbsp;30, 2024, Televisi&oacute;n Dirigida held a call option for the purchase of 100% of Saturn Holding LLC (which owns 23.37%
of Manda) for US$ 1.2 million (equivalent to $1,062 million as of June&nbsp;30, 2024), to be deducted from the purchase price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
July&nbsp;17, 2024, the option to purchase 100% of Saturn Holding LLC was exercised.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
transaction price amounted to US$ 9.8 million and the outstanding balance was US$8.6 million. This outstanding balance shall be paid
according to the schedule agreed by the parties, and the agreement provides for the possibility for Televisi&oacute;n Dirigida to make
partial payments, pre-cancel outstanding balances if it so desires, or even postpone payments subject to obtaining the prior consent
of the seller.</FONT></P>

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

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

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Corporate
                                            reorganization</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.1)
Merger between N&uacute;cleo and Tuves Paraguay S.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
relation to the corporate reorganization process between N&uacute;cleo and Tuves Paraguay S.A. mentioned in Note 1 to the consolidated
financial statements as of December&nbsp;31, 2023, on June&nbsp;3, 2024, the General Directorate of Public Registries approved the merger
between N&uacute;cleo (the absorbing and surviving company) and Tuves Paraguay S.A. (the absorbed company). The effective merger date
is June&nbsp;4, 2024, the date on which the transfer to N&uacute;cleo of all the rights and obligations, assets, and liabilities of the
absorbed company took effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
operation has no impact on these unaudited condensed consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>b.2)
Transfer of shares of Personal Env&iacute;os to Micro Fintech Holding</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
May&nbsp;20, 2024, the subsidiary N&uacute;cleo distributed dividends to its shareholders totalling PYG 145,614 million ($ 18,326 million
in constant currency as of June&nbsp;30, 2024), of which PYG 21,842 million ($ 2,713 million in constant currency as of June&nbsp;30,
2024) was distributed in cash and PYG 123,772 million ($15,613 million in constant currency as of June&nbsp;30, 2024) was distributed
in shares of Personal Env&iacute;os (an amount equivalent to the fair value, determined by an independent appraiser, of the 7,760 shares
it held in Personal Env&iacute;os, representing 97% of its interest in that company).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On
the same day, the Company made an in-kind contribution to Micro Fintech Holding consisting of the shares received from N&uacute;cleo
along with 160 shares that the Company already held in Personal Env&iacute;os.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
a result of this transaction, Micro Fintech Holding currently owns 5,400 shares, representing 67.5% of the issued and outstanding capital
stock of </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Personal Env&iacute;os.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
operation has no impact on these unaudited condensed consolidated financial statements since the non-controlling interest maintained
its percentage of Equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><A NAME="km_006"></A>NOTE
26 &ndash; SUBSEQUENT EVENTS TO JUNE 30, 2024</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Notes:
Series&nbsp;21 and 22</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
connection with the Notes Global Program, the Company issued the Series&nbsp;21 and 22 Notes with the following characteristics:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2pt double; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Series</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; width: 9%; 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>Currency</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Amount<BR>

                                            involved</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(in
    millions)</B></FONT></P></TD>
    <TD STYLE="border-top: Black 2pt double; width: 10%; 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>Issuance<BR>

    date</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; width: 14%; 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>Maturity
    date</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; width: 22%; 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>Amortization</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; width: 12%; 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: 8pt"><B>Interest
    rate</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 2pt double; border-bottom: Black 1pt solid; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest
    <BR>
payment date</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">500
    (1)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2031</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In
                                            three installment of:<BR>
                                            33% at 07/2029<BR>
                                            33% at 07/2030</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34%
    at 07/2031</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    fixed rate of 9.50%</FONT></TD>
    <TD STYLE="border-right: Black 2pt 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">Semiannual</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">115.3
    (2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2031</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In
                                            three installment of:<BR>
                                            33% at 07/2029<BR>
                                            33% at 07/2030</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34%
    at 07/2031</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    fixed rate of 9.50%</FONT></TD>
    <TD STYLE="border-right: Black 2pt 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">Semiannual</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.0
    (3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">08/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2031</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In
                                            three installment of:<BR>
                                            33% at 07/2029<BR>
                                            33% at 07/2030</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34%
    at 07/2031</FONT></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    fixed rate of 9.50%</FONT></TD>
    <TD STYLE="border-right: Black 2pt 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">Semiannual</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; border-left: Black 2pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$
    linked</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.7
    (4)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">08/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In
    one installment at maturity date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual
    fixed rate of 2%</FONT></TD>
    <TD STYLE="border-right: Black 2pt double; border-bottom: Black 2pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly
    basis</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subscription price was under par, so that on the date of issuance, the Company obtained, net of issuance costs, US$493 million ($456,544
million in current currency as of date of issuance). The Company will use the proceeds to refinance borrowings, including the use of
US$100 million to repurchase Series&nbsp;5 Notes maturing in 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">On
August&nbsp;6, 2024, the Company paid a part of principal on the Series&nbsp;5 Notes for US$128.3 million. Additionally, on August&nbsp;8,
2024, the Company paid, within the terms of the Tender Offer, US$19.8 million for the repurchase of the Series&nbsp;5 Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
contribution of the additional Series&nbsp;21 Notes was carried out through the exchange of part of its Series&nbsp;1 Notes, maturing
in 2026, of US$ 115.3 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
contribution of the additional Series&nbsp;21 Notes was carried out through the exchange of part of its Series&nbsp;1 Notes, maturing
in 2026, of US$ 2.0 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subscription price was above par. The Company issued Notes for a nominal value of $31,732 million, equivalent to US$33.7 million.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Finally, in
relation to the compliance with its covenants and waivers, it should be noted that the new debt issuance does not affect the obligations
assumed by the Company, because the proceeds will be used to refinance its borrowings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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="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="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="width: 38%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carlos
    Moltini</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Chairman
    of the Board of <BR>
Directors</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U><A NAME="ja_002"></A>OPERATING
AND FINANCIAL REVIEW AND PROSPECTS AS OF JUNE 30, 2024</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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- or as expressly indicated)</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0; padding-bottom: 2pt"></TD><TD STYLE="padding-left: 2.5pt; padding-top: 2pt; width: 0.25in; padding-bottom: 2pt"><B>1.</B></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><B><I>General considerations</I></B></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 Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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 set forth below, restated to current currency as of June&nbsp;30, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
table below shows the evolution of the national consumer price index (National CPI) in light of the fact that Argentina has been considered
a high-inflation economy for accounting purposes in accordance with IAS 29 since July&nbsp;1, 2018, as further discussed in Note 1.d)
to the unaudited condensed consolidated financial statements for 2023 and as of June&nbsp;30, 2024 and 2023. According to official statistics
from the Argentine National Statistics and Censuses Institute (<I>Instituto Nacional de Estad&iacute;sticas y Censos</I>) and the Banco
Naci&oacute;n U.S. dollar exchange rate used for the preparation of this operating and financial review and prospects are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 70%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><U>As
    of June&nbsp;30,<BR> 2023</U></FONT></TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><U>As
    of December<BR> 31, 2023</U></FONT></TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><U>As
    of June&nbsp;30,<BR> 2024</U></FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 44%; text-align: left"><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: 7pt Arial, Helvetica, Sans-Serif; width: 18%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,709.61</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 20%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">3,533.19</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 18%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">6,351.71</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Variation
    in prices</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">115.6%</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">271.5%</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated
    six months</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">50.7%</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">79.8%</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated
    three months since March&nbsp;2023/2024</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">23.8%</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">18.6%</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 7pt 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: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Banco
    Naci&oacute;n US$/$ exchange rate</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">256.70</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">912.00</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 7pt 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: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 7pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Variation
    in the exchange rate</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Annual</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">105.0%</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated
    six months</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">44.9%</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">12.8%</FONT></TD></TR>
  <TR STYLE="font: 7pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Accumulated
    three months since March&nbsp;2023/2024</FONT></TD>
    <TD STYLE="font: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">22.8%</FONT></TD>
    <TD STYLE="font: 7pt 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: 7pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">6.3%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
National CPI has registered an increase of 271.5% as of June&nbsp;30, 2024 as compared to June&nbsp;30, 2023.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0; padding-bottom: 2pt"></TD><TD STYLE="padding-left: 2.5pt; padding-top: 2pt; width: 0.25in; padding-bottom: 2pt"><B><I>2.</I></B></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><B><I>Telecom&rsquo;s activities for the six-month period ended June&nbsp;30, 2024 (&ldquo;1H24&rdquo;) and 2023 (&ldquo;1H23&rdquo;)</I></B></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: 9pt Arial, Helvetica, Sans-Serif; width: 94%; border-collapse: collapse">
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1H24</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1H23</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 9pt 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>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,666,979</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,921,749</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(254,770)</B></FONT></TD>
    <TD STYLE="padding-right: 8pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(13.3)</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(394,444)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(461,767)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67,323</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14.6)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interconnection
    and transmission costs </FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,353)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(56,417)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,064</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5.4)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(228,973)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(238,916)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,943</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.2)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(129,323)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(148,333)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,010</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12.8)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(86,665)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(117,032)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,367</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25.9)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(73,847)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(104,255)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,408</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29.2)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(93,387)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(109,040)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,653</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14.4)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35,283)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(47,909)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,626</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26.4)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(76,612)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(92,808)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,196</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17.5)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; 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 STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(557,189)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(634,933)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">77,744</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12.2)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating
    loss</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(62,097)</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(89,661)</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>27,564</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(30.7)</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,972)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,013)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.4)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,121,977</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,321</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,105,656</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><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: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">163,823</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">83,096</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80,727</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">97.1</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income
    before income tax </B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,220,731</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,743</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,213,988</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><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: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(361,508)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">139,666</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(501,174)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income for the period</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>859,223</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>146,409</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>712,814</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt 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 attributable to:</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling
    Company</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">851,682</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">140,561</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">711,121</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,541</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,848</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,693</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29.0</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>859,223</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>146,409</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>712,814</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt 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 (in Argentine pesos)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>395.45</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>65.27</B></FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
    EBITDA(1)&#9;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">495,092</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">545,272</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(50,180)</FONT></TD>
    <TD STYLE="padding-right: 8pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 8pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(9.2)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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 Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">In
1H24, net income amounted to $859,223 million (compared to a net income of $146,409 million in 1H23), representing 51.5% of revenues
(compared to 7.6% of revenues in 1H23). The increase in 1H24 compared to 1H23 was mainly due to an increase in financial result, net
of $1,186,383 million, which was partially offset by a decrease in income tax benefit (expense) of $501,174 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
1H24, Adjusted EBITDA </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">totaled $495,092 million, representing 29.7% of
revenues in 1H24. Adjusted EBITDA in 1H23 totaled $545,272 million, representing 28.4% of revenues in 1H23. The decrease of $50,180 million
in 1H24 compared to 1H23 was mainly due to a decrease in revenues of $<FONT STYLE="background-color: white">254,770 </FONT>million, partially
offset by the decrease in operating costs (without depreciation, amortization and impairment of Fixed Assets) of $204,590 million.</FONT></P>

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

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




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt 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="border-bottom: Black 1pt solid; font: 9pt 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>1H24</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt 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>1H23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt 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: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 9pt 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: 9pt 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>$
    million</B></FONT></TD>
    <TD STYLE="font: 9pt 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>$
    million</B></FONT></TD>
    <TD STYLE="font: 9pt 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>%</B></FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; 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: 9pt Arial, Helvetica, Sans-Serif; width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">672,409</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">778,849</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(106,440)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 14%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13.7)</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; 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: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">418,073</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">410,373</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,700</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.9</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; 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: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 7.35pt; text-align: right; text-indent: -7.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">243,058</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">351,738</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(108,680)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(30.9)</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; 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: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">221,313</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">223,717</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,404)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.1)</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    services revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,741</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,501</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,240</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.5</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal
    Services revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, 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>1,572,594</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, 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>1,780,178</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, 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>(207,584)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, 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>(11.7)</B></FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equipment
    revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,385</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">141,571</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(47,186)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33.3)</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; 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 1.5pt double; font: 9pt Arial, Helvetica, 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>1,666,979</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, 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>1,921,749</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, 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>(254,770)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, 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>(13.3)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
1H24 revenues decreased 13.3% or $254,770 million compared to 1H23, amounting to $1,666,979 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">While
there was a greater demand for services, revenues decreased mainly due to the fact that, as a consequence of the 271.5% annual inflation
in Argentina (from June&nbsp;30, 2023 to June&nbsp;30, 2024), the Company (similarly to its competitors in the ICT industry) was unable
to increase its prices during 1H24 to the same extent as the increase in inflation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Services
revenues amounted to $1,572,594 million in 1H24, decreasing 11.7% as compared to $1,780,178 million in 1H23 and represented 94.3% of
consolidated revenues. Equipment revenues amounted to $94,385 million in 1H24 as compared to $141,571 million in 1H23, and represented
5.7% of consolidated revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues
included $231,102 million and $1,485,124 million in 1H24 and 1H23, respectively, related to the effect generated by the restatement in
current currency as of June&nbsp;30, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consolidated
revenues for 1H24 and 1H23 are comprised as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile
services revenues in 1H24 amounted to $672,409 million (a decrease of $106,440 million or 13.7% as compared to 1H23), being the principal
contributor to our total services revenues for 1H24 (42.8% of services revenues in 1H24 as compared to 43.8% in 1H23). Mobile internet
services revenues remained stable in 1H24 and 1H23 and accounted for 93% of total mobile service revenues in both periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Mobile services revenues amounted to $93,835
million and $602,563 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile
services revenues in Argentina amounted to $608,129 million (a decrease of $109,912 million or 15.3% as compared to 1H23). This decrease
was mainly due to 18.2% decrease in the ARPU (average revenue per user), partially offset by a 2.8% increase in the number of customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">T</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">he
ARPU amounted to $4,743.5 as of June&nbsp;30, 2024 (compared to $5,800.0 as of June&nbsp;30, 2023). This decrease was mainly explained
by the fact that, as a consequence of the annual 271.5% inflation in Argentina, the Company (similarly to its competitors in the ICT
industry) was unable to increase its prices during 1H24 to the same extent as the increase in inflation (the effect generated by the
restatement in current currency as of June&nbsp;30, 2024 included in ARPU amounted to $646.4 and $4,483.6 as of June&nbsp;30, 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 Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
mobile customers in Argentina amounted to 21.2 million and 20.6 million as of June&nbsp;30, 2024 and 2023, respectively. Out of the total
mobile customers as of June&nbsp;30, 2024, 62% were prepaid customers and 38% were postpaid customers, whereas as of June&nbsp;30, 2023,
60% were prepaid customers and 40% were postpaid customers. We observed a change in customer behavior, resulting in an increase in prepaid
services customers of 5.4% and a decrease in the postpaid services customers of 1.2% as of June&nbsp;30, 2024, as compared to June&nbsp;30,
2023. Additionally, the average churn rate per month amounted to 1.6% in 1H24 (compared to a 1.8% average in 1H23).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ARPU
of Mobile Services in Argentina</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
monthly operational measure used in the mobile services is ARPU, which we calculate by dividing adjusted total service revenues</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;excluding
out collect wholesale roaming, cell site rental and reconnection fees revenues and others&mdash;(divided by six months) by the average
number of customers during 1H24. ARPU is not a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU
may not be calculated in the same manner as similarly titled measures used by other companies. In particular, certain components of service
revenues are excluded from Argentina&rsquo;s ARPU calculations presented in this operating and financial review and prospects as of June&nbsp;30,
2024. Management believes that this measure is helpful in assessing the development of the subscriber base of mobile services. The following
table shows the reconciliation of total service revenues to such revenues included in the ARPU calculations of 1H24:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 90%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; width: 14%; text-align: center; padding-bottom: 1pt">1H24</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">$&nbsp;million</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Total Mobile service revenues&#9;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">608,129</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -10.1pt; padding-left: 20.2pt">Components of service revenues not included in the ARPU calculation: out collect (wholesale) roaming, cell sites rental, reconnection fees revenues and others</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt">(6,247)</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10.1pt; padding-left: 10.1pt">Adjusted total service revenues included in the ARPU calculation</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">601,882</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Average number of customers during 1H24 (millions)&#9;</TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">21.1</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile
services revenues generated in Paraguay amounted to $64,280 million in 1H24 (a $3,472 million or 5.7% increase compared to 1H23). The
increase was mainly due to the appreciation of the Guaran&iacute; against the Argentine Peso.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Paraguay&rsquo;s
ARPU amounted to $6,875.1 as of June&nbsp;30, 2024 (compared to $4,406.3 as of June&nbsp;30, 2023), representing a 56.0% increase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
1H24, the customer base in Paraguay amounted to 2.4 million customers, increasing a 4.7% compared to 1H23. Out of the total mobile customers
as of June&nbsp;30, 2024, 74% were prepaid customers and 26% were postpaid customers, whereas as of June&nbsp;30, 2023, 78% were prepaid
customers, and 22% were postpaid customers. The average churn rate per month amounted to 2.6% in </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1H24
(compared to a 2.8% average in 1H23).</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Internet
services revenues amounted to $418,073 million in 1H24 (equivalent to 26.6% of total consolidated services revenues), increasing $7,700
million or 1.9% as compared to 1H23. The effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in
internet services revenues amounted to $59,809 million and $317,37 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
increase in internet services revenues in Argentina in 1H24 was mainly due to the increase in the Broadband Internet access ARPU of 9.8%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
ARPU reached $16,034.2 in 1H24 as compared to $15,866.2 in 1H23. This increase in ARPU is mainly explained by the fact that, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">we
granted fewer discounts to customers for this service. The effect generated by the restatement in current currency as of June&nbsp;30,
2024 included in ARPU amounted to $2,162.4 and $12,258.4 as of June&nbsp;30, 2024 and 2023, respectively).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
customer base </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">remained stable amounting to 4.1 million customers in both
1H24 and 1H23, as a result of the Company's efforts despite the intense competition. The churn rate per month amounted to 1.9% and 1.7%
in 1H24 and 1H23, respectively.</FONT></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"></P>

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<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; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ARPU
of Internet Services in Argentina</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
monthly operational measure used in the internet services is ARPU, which we calculate by dividing adjusted total service revenues</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;excluding
connection and rehabilitation fees revenues and others&mdash;(divided by six months) by the average number of customers during 1H24.
ARPU is not a measure calculated in accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same
manner as similarly titled measures used by other companies. In particular, certain components of service revenues are excluded from
Internet&rsquo;s ARPU calculations presented in this operating and financial review and prospects as of June&nbsp;30, 2024. Management
believes that this measure is helpful in assessing the development of the subscriber base of Internet services. The following table shows
the reconciliation of total service revenues to such revenues included in the ARPU calculations of 1H24:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 85%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center"><FONT STYLE="font-size: 9pt">1H24</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt 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: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Total Internet service revenues&#9;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">393,440</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Components
    of service revenues not included in the ARPU calculation&#9;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(51</FONT>)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Adjusted
    total service revenues included in the ARPU calculation&#9;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">393,389</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Average number of customers during
    1H24 (millions)&#9;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">4.1</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cable
television services revenues amounted to $243,058 million in 1H24 (equivalent to 15.5% of total consolidated services revenues), decreasing
$108,680 million or 30.9% as compared to revenues in 1H23. The effect generated by the restatement in current currency as of June&nbsp;30,
2024, included in cable television services revenues, amounted to $34,031 million and $271,781 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
decrease in Cable television service revenues in 1H24 was mainly due to the decrease in ARPU, a 33.2% decrease compared to 1H23, and
a 0.9% decrease in the customer base compared to 1H23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
ARPU amounted to $</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11,098.1 as of June&nbsp;30, 2024 compared to an ARPU
of $16,607.4 as of June&nbsp;30, 2023. The decreased is mainly explained since annual inflation as of June&nbsp;30, 2024 amounted to
271.5%, the Company (similarly to its competitors in the ICT industry) was unable to increase its prices during 1H24 to the same extent
as the increase in inflation (the effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in ARPU amounts
to $1,540.4 and $12,835.5 as of June&nbsp;30, 2024 and 2023, respectively). Additionally, the decrease in ARPU is also explained by the
fact that we granted greater discounts to customers as part of our customer retention strategy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
1H24, the customer base in Argentina amounted to 3.1 million customers, decreasing a 0.9% compared to 1H23. 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 1H24, a 11.8% decrease compared to
1H23. The average churn rate per month amounted to 2.0% in both 1H24 and 1H23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ARPU
of Cable Television Services in Argentina</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An
important monthly operational measure used in the Cable Television services is ARPU, which we calculate by dividing adjusted total service
revenues</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&mdash;excluding connection and administration fees, advertising
services and others&mdash;(divided by six months) by the average number of customers during 1H24. ARPU is not a measure calculated in
accordance with IFRS Accounting Standards and our measure of ARPU may not be calculated in the same manner as similarly titled measures
used by other companies. In particular, certain components of service revenues are excluded from Cable Television&rsquo;s ARPU calculations
presented in this operating and financial review and prospects as of June&nbsp;30, 2024. Management believes that this measure is helpful
in assessing the development of the subscriber base of cable television services. The following table shows the reconciliation of total
cable television service revenues to such revenues included in the ARPU calculations of 1H24:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 85%; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: center"><FONT STYLE="font-size: 9pt">1H24</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt 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: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Total Cable television service
    revenues&#9;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">208,549</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Components
    of service revenues not included in the ARPU calculation:<BR> Connection and Reconnection fees and others&#9;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(374</FONT>)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Adjusted
    total service revenues included in the ARPU calculation&#9;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">208,175</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Average number of customers during
    1H24 (millions)&#9;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">3.2</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues
generated by fixed and data services amounted to $221,313 million in 1H24 </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(equivalent
to 14.1% of total consolidated services revenues), decreasing $2,404 million or 1.1% as compared to 1H23. The effect generated by the
restatement in current currency as of June&nbsp;30 2024 included in fixed and data services revenues amounted to $32,244 million and
$172,826 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
decrease in fixed and data services in Argentina in 1H24 was mainly due to </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">decrease
in ARPU, decreasing 2.1% as compared to 1H23, and a decrease in the customer base of 6.2% compared to 1H23, partially offset by the appreciation
of data service subscriptions that are denominated in dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
ARPU of fixed telephony (excluding IP costumers) services </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted to
$7,215.4 as of June&nbsp;30, 2024 compared to an ARPU of $7,369.7 as of June&nbsp;30, 2023. The decreased is mainly explained since annual
inflation as of June&nbsp;30, 2024 amounted to 271.5%, the Company (similarly to its competitors in the ICT industry) was unable to increase
its prices during 1H24 to the same extent as the increase in inflation (the effect generated by the restatement in current currency as
of June&nbsp;30, 2024 included in ARPU amounts to $1,010.5 and $5,745.6 as of June&nbsp;30, 2024 and 2023, respectively).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
customer base of fixed telephony services amounted to 2.8 million in 1H24 of which 1.7 million were IP customers, decreasing a 6.2% compared
to 1H23. The customer base decreased mainly due to changes in consumption behavior of customers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other
services revenues generated by other services amounted to $17,741 million in 1H24, increasing $2,240 million or 14.5% compared to 1H23.
The effect generated by the restatement in current currency as of June&nbsp;30 2024 included in other services revenues amounted to $2,290
million and $11,727 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
increase in other services revenue in 1H24 was mainly due to the increase in fintech services in Argentina, 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 2.9 million and
1.2 million in&nbsp;1H24&nbsp;and&nbsp;1H23, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Equipment
revenues amounted to $94,385 million in 1H24 (a decrease of $47,186 million or 33.3% compared to 1H23). This variation is mainly due
to a 31% decrease in handsets sold compared to 1H23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Equipment revenues amounts to $11,893 million
and $108,790 million in 1H24 and 1H23, respectively.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating
                                            costs (without depreciation, amortization and impairment of Fixed Assets)</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">1H24</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">1H23</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 10pt 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="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD COLSPAN="4" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$ million</B></FONT></TD><TD STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$ million</B></FONT></TD>
                                                                                                                                <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
                                                                                                                                <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
                                                                                                                                <TD COLSPAN="2" STYLE="font: bold 10pt 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="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 48%"><FONT STYLE="font-size: 9pt">Employee benefit expenses and
    severance payments</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt">(394,444</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt">(461,767</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt">67,323</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(14.6</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Interconnection and transmission
    costs</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(53,353)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(56,417</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">3,064</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(5.4</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Fees for services, maintenance,
    materials and supplies</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(228,973)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(238,916</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">9,943</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(4.2</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Taxes and fees with the Regulatory
    Authority</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(129,323)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(148,333</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">19,010</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(12.8</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Commissions and advertising</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(86,665)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(117,032</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">30,367</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(25.9</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Cost of equipment and handsets</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(73,847)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(104,255</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">30,408</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(29.2</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Programming and content costs</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(93,387)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(109,040</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">15,653</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(14.4</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Bad debt expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(35,283)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(47,909</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">12,626</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(26.4</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Other operating
    expenses</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(76,612)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(92,808</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">16,196</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(17.5</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total
    operating costs</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,171,887</FONT>)</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,376,477</FONT>)</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">204,590</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(14.9</FONT>)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
operating costs without depreciation, amortization and impairment of Fixed Assets totaled $1,171,887 million in 1H24, which represents
a decrease of $204,590 million or 14.9% compared to 1H23.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in operating costs without depreciation, amortization
and impairment of Fixed Assets amounted to $198,410 million and $1,066,471 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Employee
benefit expenses and severance payments</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employee
benefit expenses and severance payments </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted to $394,444 million in
1H24, decreasing $67,323 million or 14.6% compared to 1H23. The decrease was mainly due to a reduction of 3.7% in headcount from 21,607
employees in 1H23 to 20,809 employees in 1H24, partially offset by increases in salaries agreed to by the Company with several trade
unions for unionized employees, and also for non-unionized employees, together with related social security charges and higher severance
payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in employee benefit expenses and severance
payments amounted to $55,314 million and $356,856 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Interconnection
and transmission costs</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interconnection
and transmission costs (including charges for termination from third parties&rsquo; mobile networks, roaming and cost of international
outbound calls and lease of circuits) </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted to $53,353 million in 1H24,
decreasing $3,064 million or 5.4% compared to 1H23. The decrease was mainly due to the new dynamics of the business that imply an optimization
of links and sites, partially offset by increases in the exchange rate in relation to services set in dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Interconnection and transmission costs amounted
to $8,415 million and $43,607 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Fees
for services, maintenance, materials and supplies</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fees
for services, maintenance, materials and supplies </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted to $228,973
million in 1H24, decreasing $9,943 million or 4.2% compared to 1H23. The decrease is mainly explained by the efficiency and management
of resources through which Fees for services decreased $15,935 million compared to $117,741 million in 1H23, partially offset by higher
cost of maintenance, materials and supplies, many of which are dollarized, for $5,723 million as compared to 1H23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Fees for services, maintenance, materials
and supplies amounted to $48,019 million and $185,492 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Taxes
and fees with the Regulatory Authority</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes
and fees with the Regulatory Authority, including turnover tax, municipal taxes and other taxes, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted
to $129,323 million in 1H24, decreasing $19,010 million or 12.8% compared to 1H23. The decrease was mainly due to the effect of the decrease
in revenues in 1H24. Taxes and fees with the Regulatory Authority represent 7.8% of revenues in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Taxes and fees with the Regulatory Authority
amounted to $17,694 million and $114,627 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Commissions
and advertising</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commissions
and advertising, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted to $86,665 million in 1H24, decreasing $30,367
million or 25.9% compared to 1H23. The decrease is mainly due to lower charges for agent commissions, collection commissions and credit
card finance charges compared to 1H23, partially offset by an increase in advertising costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Commissions and advertising amounted to
$11,786 million and $90,189 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Cost
of equipment</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost
of equipment, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted to $73,847 million in 1H24, decreasing $30,408
million or 29.2% compared to 1H23. This decrease is mainly due to a 31% decrease in handsets sold compared to 1H23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Cost of equipment amounted to $26,214 million
and $82,327 million in 1H24 and 1H23, respectively.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Programming
and content costs</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Programming
and content costs </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted to $93,387 million in 1H24, decreasing $15,653
million or 14.4% compared to 1H23. The decrease was mainly due to commercial efficiency, partially offset by price increases in almost
all cable television signals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Programming and content costs amounted to
$15,330 million and $84,284 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Bad
debt expenses</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bad
debt expenses </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted to $35,283 million in 1H24, decreasing $12,626
million or 26.4% compared to 1H23, representing 2.1% and 2.5% of the revenues in 1H24 and 1H23, respectively. The decrease is mainly
due to continuing credit recovery actions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Bad debt expenses amounted to $5,586 million
and $37,415 million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Other
operating expenses</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
operating expenses (which include legal claims and contingent liabilities, energy and other public services, insurance, rentals and internet
capacity, among others) </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amounted to $76,612 million in 1H24, decreasing
$16,197 million or 17.5% compared to 1H23. The decrease is mainly due to lower charges in legal claims and contingent liabilities and
Postage, freight and travel expenses, partially offset by higher rental charges and energy costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in Other operating expenses amounted to $10,052
million and $71,674 million in 1H24 and 1H23, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation,
amortization and impairment of Fixed Assets amounted to </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$557,189 million
in 1H24, a decrease of $77,744 million or 12.2 % compared to 1H23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 June&nbsp;30, 2023, partially offset by the impact
of the amortization of the CAPEX subsequent to that same date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
effect generated by the restatement in current currency as of June&nbsp;30, 2024 included in depreciation, amortization and impairment
of Fixed Assets amounts to $463,299 million and $594,553 million in 1H24 and 1H23, respectively.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
loss amounted to $62,097 million and $89,661 million in 1H24 and 1H23, respectively, representing a decrease of $27,564 million as compared
to 1H23. Operating loss represented (3.7)% and (4.7)% of revenues in 1H24 and 1H23, respectively.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">1H24</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">1H23</FONT></TD><TD STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: bold 10pt 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="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD COLSPAN="4" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$ million</B></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
                                            million</B></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt 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="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 52%"><FONT STYLE="font-size: 9pt">Interests on borrowings</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt">(53,122</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt">(59,166</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt">6,044</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 9pt">(10.2</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Remeasurement in borrowings</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(74,013</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">9,340</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(83,353</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Foreign currency exchange gains
    on borrowings</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,249,112</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">67,581</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,181,531</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Borrowings
    renegotiation results</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,434</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,434</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;Total
    financial results from borrowings</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,121,977</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">16,321</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,105,656</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Other foreign currency exchange
    gains (losses)</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">151,451</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(4,823</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">156,274</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Fair value gains/(losses) on financial
    assets at fair value through profit or loss</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(15,077</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(29,741</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">14,664</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(49.3</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Other interests, net</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">8,221</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">9,307</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1,086</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(11.7</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">RECPAM</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">77,467</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">136,266</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(58,799</FONT>)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(43.2</FONT>)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Other</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(58,239</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(27,913</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(30,326</FONT>)</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">108.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Total
    other financial results, net</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">163,823</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">83,096</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">80,727</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">97.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total
    financial results, net</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,285,800</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">99,417</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1,186,383</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, 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-size: 10pt">Telecom
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">incurred in a financial gain, net of $1,285,800 million in 1H24 (compared
to a gain of $99,417 million in 1H23). Financial Results, net in 1H24 mainly included (i)&nbsp;foreign exchange gains measured in real
terms of $1,400,563 million as a result of the U.S. dollar appreciating 12.8% against the Argentine Peso compared to a 79.8% inflation
(compared to a gain of $62,758 million in 1H23 and 44.9% devaluation of the Argentine Peso against the U.S. dollar compared to a 50.7%
inflation in 1H23) and (ii)&nbsp;the Inflation Adjustment Gain (Loss) (<I>Resultado por exposici&oacute;n a los cambios en el poder adquisitivo
de la moneda</I>, or RECPAM), which amounted to a gain of $77,467 million (compared to a gain of $136,266 million in 1H23). These effects
were partially offset by (i)&nbsp;interest on borrowings, measured in real terms, of $53,122 million (compared to $59,166 million in
1H23). (ii)&nbsp;losses from remeasurement in borrowings of $74,013 million (compared to a gain of $9,340 million in 1H23), (iii)&nbsp;fair
value losses on financial assets at fair value through profit or loss of $15,077 million (compared to a loss of $29,741 million in 1H23),
and (iv)&nbsp;other financial results of $50,018 million (compared to $20,040 million in 1H23).</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income
tax expense amounted to $361,508 million in 1H24 compared to a benefit of $139,666 million in 1H23. It includes the following effects:
(i)&nbsp;current tax expenses, Telecom&rsquo;s generated $5,538 million tax expense in 1H24 (compared to an expense of $1,575 million
in 1H23), (ii)&nbsp;regarding the deferred tax in 1H24, Telecom recorded a deferred tax expense of $355,970 million compared to a gain
of $141,241 million in 1H23.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Telecom
recorded net income of $859,223 million in 1H24 as compared to net income of $146,409 million in 1H23 and represented a 51.5% of revenues
as compared to 7.6% in 1H23. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">The increase in
1H24 compared to 1H23 was mainly due to an increase in income before income tax of $1,213,988 million, which was partially offset by
a decrease in income tax benefit (expense) of $501,174 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
income attributable to controlling shareholders amounted to $851,682 million in 1H24 compared to a gain of $140,561 million in 1H23.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 property, plant and equipment (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 Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">1H24</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">1H23</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD COLSPAN="3" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;million</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ million</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 55%">Net income&#9;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%">859,223</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%">146,409</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%">712,814</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Income tax (benefit) expense&#9;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">361,508</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(139,666)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">501,174</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Other financial results, net&#9;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(163,823)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(83,096)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(80,727)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">97.1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Financial results from borrowings&#9;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,121,977)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(16,321)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,105,656)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Losses from associates and joint ventures&#9;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,972</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,013</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(41)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1.4)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Operating loss&#9;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(62,097)</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(89,661)</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">27,564</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(30.7)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Depreciation, amortization and impairment of Fixed Assets</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">557,189</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">634,933</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(77,744)</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(12.2)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Adjusted EBITDA&#9;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">495,092</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">545,272</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(50,180)</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(9.2)</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
consolidated Adjusted EBITDA amounted to $495,092 million in 1H24, representing a decrease of $50,180 million or 9.2% as compared to
1H23. Adjusted EBITDA represented 29.7% of our total consolidated revenues in both 1H24 and 1H23, respectively.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liquidity
and Capital Resources</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 10.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Sources
                                            and Uses of Funds</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
expect the main sources of Telecom Argentina&rsquo;s liquidity in the short term to be cash flows from Telecom Argentina&rsquo;s operations
and cash flows from financing from third parties, which may include accessing to domestic and international capital markets and obtaining
financing from financial institutions. Telecom Argentina&rsquo;s principal uses of cash flows are expected to be capital expenditures,
operating expenses, dividend payments to its shareholders, payments of borrowings and for general corporate purposes. Telecom Argentina
expects working capital, funds generated from operations, dividend payments from its subsidiaries and financing from third parties to
be sufficient. Telecom Argentina has accessed and expects that it will be able to access the domestic and international capital markets
during 2024 to refinance its outstanding debt, if necessary.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 10.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Borrowings
                                            Developments during 1H24</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
most relevant borrowings developments for the six-months period ended June&nbsp;30, 2024 were the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 90%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2pt double; background-color: White; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Series</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Currency</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; width: 13%; padding-right: 2pt; padding-left: 2pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Amount<BR>

    involved</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(in
    millions)</B></FONT></P></TD>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Issuance<BR>

    date</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Maturity
    date</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; width: 21%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Amortization</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: White; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Interest
    <BR>
rate</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; border-right: Black 2pt double; border-bottom: Black 1pt solid; background-color: White; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Interest<BR>

    payment<BR>
 date</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; border-left: Black 2pt double; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$
    linked</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59.7
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">06/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">06/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
    one installment at maturity date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual
    fixed rate of 5.00%</FONT></TD>
    <TD STYLE="border-right: Black 2pt double; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarterly
    basis</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$
    linked</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.6
    </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">06/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">06/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
    one installment at maturity date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2pt double; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual
    fixed rate of 5.00%</FONT></TD>
    <TD STYLE="border-right: Black 2pt double; border-bottom: Black 2pt double; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Quarterly
    basis</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
more information, see Note 11 of our unaudited condensed consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">For
more information, related to subsequent events to June&nbsp;30, 2024 see Note 26 to the unaudited condensed consolidated financial statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cash Flow</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
table below summarizes, for the six-months period ended June&nbsp;30, 2024 and June&nbsp;30, 2023, Telecom&rsquo;s consolidated cash
flows.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-right: 0.2in">
  <TR>
    <TD STYLE="background-color: White; width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1H24
    </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;1H23
    </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; white-space: nowrap; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Variation</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="background-color: White; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$
    million</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    flows provided by operating activities </FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328,659</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">498,359</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(169,700)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    flows used in investing activities </FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(234,812)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(441,214)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206,402</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    flows used in financing activities </FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(158,191)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,247)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(109,944)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    foreign exchange differences and RECPAM on cash and cash equivalents </FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(57,878)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,855)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(51,023)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Decrease
    in cash and cash equivalents</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(122,222)</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,043</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(124,265)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash
    and cash equivalents at the beginning of the year</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>287,230</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>224,222</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63,008</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash
    and cash equivalents at the end of the period</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>165,008</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>226,265</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(61,257)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of June&nbsp;30, 2024 and June&nbsp;30, 2023, we had $165,008 million and $226,265 million in cash and cash equivalents, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Cash
flows provided by operating activities</I></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">were $328,659 million and $498,359
million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
cash provided by operating activities decreased $169,700 million, or (34.1)% in 1H24 compared to 1H23, primarily due to a $73,733 million
increase in net loss adjusted for non-cash income and expense which was partially offset by (i)&nbsp;a $96,344 million decrease in net
cash outflows in connection with changes in our assets and liabilities and (ii)&nbsp;a $377 million decrease in cash outflows used to
pay income tax.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
decrease was primarily due to an increase in trade payable payments, mostly due to settlements of outstanding foreign currency payables
(which was settled using government bonds also), an increase in payments of other liabilities and a decrease in cash flows related to
trade receivables, partially offset by an increase in cash flows related to other receivables.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Cash
flows used in investing activities</I></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">were $234,812 million and $441,214
million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
1H24, cash flows used in investing activities included payments for acquisitions of PP&amp;E and Intangible assets of $189,135 million
and payment for investments not considered as cash and cash equivalents of $190,904 million partially offset by proceeds from sale of
investments not considered as cash and cash equivalents of $146,723 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
1H23, cash flows used in investing activities included payments for acquisitions of PP&amp;E and Intangible assets of $201,143 million,
and payment for investments not considered as cash and cash equivalents of $244,656 million partially offset by proceeds from sale of
investments not considered as cash and cash equivalents of $7,070 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Cash
flows used in financing activities</I></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">were $158,191 million and $48,247
million in 1H24 and 1H23, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
1H24, cash flows used in financing activities included payments for borrowings, interest and related expenses and leases liabilities
for $414,403 million and dividends paid to non-controlling interests in subsidiaries for $7,928 million offset by proceeds from borrowings
for $264,140 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
1H23, cash flows used in financing activities included payments for borrowings, interest and related expenses and leases liabilities
for $334,533 million offset by proceeds from borrowings for $286,286 million.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Liquidity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
liquidity position of Telecom is and will be significantly dependent on its operating performance, its indebtedness, capital expenditure
programs and dividends from its subsidiaries, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom&rsquo;s
working capital breakdown and its main variations are disclosed below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 57%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As
    of June<BR>
 &nbsp;30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As
    of<BR>
 December&nbsp;31,<BR>
 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Variation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ million</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trade
    receivables&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">252,285</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">238,860</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,425</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    receivables&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52,831</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58,408</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,577)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42,190</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56,681</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(14,491)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    liabilities (not considering borrowings)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(702,564)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(976,597)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">274,033</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    working capital - negative</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(355,258)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(622,648)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>267,390</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>As
    % of Revenues&#9;</I></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.4%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    and cash equivalents&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">165,008</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">287,230</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(122,222)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DFI</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,712</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,785</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(73)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223,141</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222,862</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">279</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    borrowings&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(820,770)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,012,979)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">192,209</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    Current financial liability&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(429,909)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(500,102)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>70,193</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assets
    classified as held for sale</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,781</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,781</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Negative
    working capital (current assets &mdash; current liabilities)</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(783,386)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,122,750)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>339,364</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liquidity
    rate (current assets / current liabilities)</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.49</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.44</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0.05</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom
has a typical working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its
suppliers (especially PP&amp;E and Intangible asset) for longer terms than those it provides to its customers. As a result, Telecom has
a negative working capital, which amounted to $783,386 million as of June&nbsp;30, 2024 (decreasing $339,364 million compared to December&nbsp;31,
2023).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom
had consolidated cash and cash equivalents amounting to $165,008 million and $287,230 million as of June&nbsp;30, 2024 and December&nbsp;31,
2023, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Compliance
with covenants</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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 June&nbsp;30, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
more information on our financial ratio waivers, see Note 11 of our </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">unaudited
condensed consolidated financial statements.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Capital
Expenditures</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CAPEX
and Rights of use assets additions composition 1H24 and 1H23 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1H24</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1H23</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; background-color: white; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Variation
    </B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: white; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 49%; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PP&amp;E</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207,726</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218,411</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,685)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.9)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Intangibles
    assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,866</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,184</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,682</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.6</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    CAPEX</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>224,592</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>228,595</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(4,003)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1.8)</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rights
    of use assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">91,354</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76,223</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,131</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.9</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    CAPEX and Right of use asset additions </B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>315,946</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>304,818</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,128</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; vertical-align: top; padding-right: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3.7</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
main CAPEX projects are related to the expansion of cable television 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
terms of infrastructure, during 2024 we have 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 June&nbsp;30, 2024 carried out by Ookla, perceived a better service experience reaching average speeds of 39.9
Mbps, compared to 33.1 Mbps as of June&nbsp;30, 2023. In addition, approximately 72% 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
have continued with the expansion of our 5G network and are planning to reach 200 sites in 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0%; padding-bottom: 2pt"></TD><TD STYLE="padding-left: 5.4pt; padding-top: 2pt; width: 0.35in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>3.</I></B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Telecom
                                            Group&rsquo;s activities for the three-month periods ended June&nbsp;30, 2024 (&ldquo;2Q24&rdquo;)
                                            and 2023 (&ldquo;2Q23&rdquo;)</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, 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="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q24</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; width: 52%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Revenues
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">856,084</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">933,838</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(77,754)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8.3)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    costs without depreciation, amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(606,583)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(687,701)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">81,118</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11.8)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation,
    amortization and impairment of fixed assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(280,596)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(321,588)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,992</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(12.7)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    loss</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(31,095)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(75,451)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>44,356</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(58.8)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,361)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,967)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,606</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    results, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202,857</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,315</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">192,542</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income
    (loss) before income tax</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>170,401</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(70,103)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>240,504</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 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="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    tax benefit (expense)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(111,539)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,523</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(197,062)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black medium double; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>58,862</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black medium double; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,420</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black medium double; vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43,442</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black medium double; vertical-align: bottom; padding-right: 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="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling
    Company</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54,608</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,902</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41,706</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,254</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,518</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,736</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>58,862</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,420</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43,442</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 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="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Basic
    and diluted income per share attributable to the Controlling Company (in Argentine pesos)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25.36</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5.99</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">249,501</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">246,137</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,364</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.4</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues
in 2Q24 amounted to $856,084 million and operating costs (without depreciation, amortization and impairment of fixed assets) amounted
to $606,583 million, therefore, adjusted EBITDA amounted to $249,501 million (equivalent to 29.1% of consolidated revenue in 2Q24 vs.
26.4% in 2Q23). Depreciation, amortization and impairment of fixed assets amounted to $280,596 million (equivalent to 32.8% of consolidated
revenues) and operating loss amounted to $31,095 million (equivalent to 3.6% of consolidated revenue in 2Q24 vs. 8.1% in 2Q23).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Services
revenues amounted to $799,692 million in 2Q24 -equivalent to 93.4% of consolidated revenues-, and equipment revenues amounted to $56,392
million in 2Q24 &ndash;equivalent to 6.6% of consolidated revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mobile
services revenues amounted to $342,406 million in 2Q24 &ndash;equivalent to 42.8% of consolidated services revenues&ndash; which were
mainly generated by customers in Argentina.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Internet
services revenues amounted to $218,247 million in 2Q24 &ndash;equivalent to 27.3% of consolidated services revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cable
television services revenues amounted to $122,803 million in 2Q24 &ndash;equivalent to 15.4% of consolidated service revenues&ndash;
and they are mainly composed of services revenues provided in Argentina and Uruguay.&#8239;Finally, Fixed and data services revenues amounted
to $107,787 million in 2Q24 &ndash;equivalent to 13.5% of consolidated service revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Operating
costs without depreciation, amortization and impairment of fixed assets amounted to $606,583 million in 2Q24, being the main components,
employee benefit expenses and severance payments (amounted to $207,318 million); fees for services, maintenance, materials and supplies
(amounted to $110,363 million); taxes and fees with the Regulatory Authority (amounted to $66,838 million); Programming and content costs
(amounted to $48,977 million) and commissions and advertising (amounted to $44,565 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Financial
results, net amounted to a gain of $202,857 million in 2Q24, mainly due to net foreign exchange gains, measured in real terms, amounting
to $272,548 million, the net gain on restatement in current currency amounting to $14.983 million and fair value losses on financial
assets at fair value through profit or loss of $13,103 million, partially offset by, interests on borrowings amounting to $21,858 million,
losses from remeasurement in borrowings amounting to $39,023 million, other taxes and bank expenses amounting to $30,665 million and
other financial results amounting to $6,231 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Income
tax gain amounted to $111,539 million in 2Q24. Therefore, Telecom Argentina obtained a net income amounting to $58,862 million in 2Q24,
which represents 6.9% of consolidated revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net
income attributable to the controlling shareholders amounted to $54,608 million in 2Q24.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
consolidated Adjusted EBITDA amounted to $249,501 million in 2Q24. Adjusted EBITDA represented 28.9% of our total consolidated revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, 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: 85%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q24</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q23</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;million</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>58,862</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>15,420</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    tax (benefit) expense&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">111,539</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(85,523)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    financial results, net&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(26,855)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(34,997)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    results from borrowings&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(176,002)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,682</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Losses
    from associates and joint ventures&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,361</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,967</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    loss</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(31,095)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(75,451)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">280,596</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321,588</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted
    EBITDA</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>249,501</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>246,137</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0%; padding-bottom: 2pt"></TD><TD STYLE="padding-left: 5.4pt; padding-top: 2pt; width: 0.35in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>4.</I></B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Summary
                                            of comparative consolidated statements of financial position (in million)</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, 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="padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>June&nbsp;30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 39%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 12%; 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>2024</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 12%; 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="border-top: Black 1pt solid; vertical-align: top; width: 12%; 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>2022</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 12%; 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>2021</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 12%; 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>2020</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    assets</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">739,948</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">682,597</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">574,359</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,072,993</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,512,144</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-current
    assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,595,800</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,723,755</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,659,625</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,265,371</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,578,820</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,335,748</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,406,352</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,233,984</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,338,364</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,090,964</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    liabilities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,523,334</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,675,941</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,734,631</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,651,446</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,531,481</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-current
    liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,084,151</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,226,553</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,529,933</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,345,389</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,604,317</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,607,485</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,902,494</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,264,564</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,996,835</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,135,798</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
    attributable to the Controlling Company</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,635,492</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,407,479</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,882,701</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,247,424</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,853,943</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
    attributable non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92,771</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96,379</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">86,719</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,105</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101,223</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    Equity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,728,263</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,503,858</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,969,420</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,341,529</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,955,166</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    liabilities and equity</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,335,748</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,406,352</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,233,984</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12,338,364</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,090,964</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0%; padding-bottom: 2pt"></TD><TD STYLE="padding-left: 5.4pt; padding-top: 2pt; width: 0.35in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>5.</I></B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Summary
                                            of comparative consolidated income statements (in million)</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, 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; background-color: white">
    <TD STYLE="width: 39%; 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-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1H24</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1H23</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1H22</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1H21</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1H20</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenues
    </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,666,979</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,921,749</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,119,116</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,364,374</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,587,403</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating
    costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,729,076)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,011,410)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,187,478)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,294,713)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,301,548)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    income (loss)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(62,097)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(89,661)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(68,362)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>69,661</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>285,855</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings
    (losses) from associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,972)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,013)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,152</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,512</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,254</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financial
    results, net</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,285,800</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99,417</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309,897</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">244,169</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(186,515)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,220,731</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6,743</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>242,687</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>315,342</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>103,594</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    tax benefit (expense)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(361,508)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139,666</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,647</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(337,308)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(64,925)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>859,223</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>146,409</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>255,334</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(21,966)</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>38,669</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="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 loss, net of tax</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(161,428)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,657)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(21,798)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,273)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(20,977)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    comprehensive income (loss) </B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>697,795</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>142,752</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>233,536</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(50,239)</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>17,692</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Attributable
    to Controlling Company</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">738,239</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137,124</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">233,165</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,121)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,228</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;Attributable
    to non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(40,444)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,628</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,118)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0%; padding-bottom: 2pt"></TD><TD STYLE="padding-left: 5.4pt; padding-top: 2pt; width: 0.35in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>6.</I></B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Summary
                                            of comparative consolidated statements of cash flow (in million)</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, 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="width: 55%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; 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: 10pt"><B>1H24</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; 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: 10pt"><B>1H23</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; 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: 10pt"><B>1H22</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; 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: 10pt"><B>1H21</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 9%; 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: 10pt"><B>1H20</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    cash flows provided by operating activities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328,659</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">498,359</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">606,808</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">739,976</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">932,629</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    cash flows used in investing activities</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(234,812)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(441,214)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(586,657)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(774,491)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(464,995)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    cash flows used in financing activities </FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(158,191)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,247)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(48,447)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(40,905)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(92,214)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="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">Net
    foreign exchange differences and RECPAM on cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(57,878)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,855)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(15,820)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,962)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,170</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    cash and cash equivalents (used) provided during the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(122,222)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,043</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(44,116)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(89,382)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>396,590</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0%; padding-bottom: 2pt"></TD><TD STYLE="padding-left: 5.4pt; padding-top: 2pt; width: 0.35in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>7.</I></B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><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 Times New Roman, Times, 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>
    <TD STYLE="border-top: Black 2.25pt double; width: 36%; 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">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; width: 13%; 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: 10pt"><B>06.30.24</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 13%; 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: 10pt"><B>06.30.23</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 13%; 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: 10pt"><B>06.30.22</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 13%; 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: 10pt"><B>06.30.21</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 12%; 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: 10pt"><B>06.30.20</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mobile
    telephony services lines</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.4</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.0</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Internet
    Access (ii)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.2</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cable
    TV Subscribers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.5</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed
    telephony services lines</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0%; padding-bottom: 2pt"></TD><TD STYLE="padding-left: 5.4pt; padding-top: 2pt; width: 0.35in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>8.</I></B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Consolidated
                                            ratios</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, 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>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 33%; 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">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; width: 11%; 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: 10pt"><B>06.30.24</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 14%; 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: 10pt"><B>06.30.23</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 14%; 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: 10pt"><B>06.30.22</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 14%; 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: 10pt"><B>06.30.21</B></FONT></TD>
    <TD STYLE="border-top: Black 2.25pt double; vertical-align: top; width: 14%; 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: 10pt"><B>06.30.20</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="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: 10pt">Liquidity
    (1)</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.49</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.41</FONT></TD>
    <TD STYLE="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: 10pt">0.33</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.65</FONT></TD>
    <TD STYLE="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: 10pt">0.60</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="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: 10pt">Solvency
    (2)</FONT></TD>
    <TD STYLE="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: 10pt">1.03</FONT></TD>
    <TD STYLE="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: 10pt">0.92</FONT></TD>
    <TD STYLE="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: 10pt">1.13</FONT></TD>
    <TD STYLE="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: 10pt">1.06</FONT></TD>
    <TD STYLE="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: 10pt">1.13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black medium double; border-left: Black 2.25pt double; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Locked-up
    capital (3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.93</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.95</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.91</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black medium double; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.88</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Current
                                            assets/Current liabilities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
                                            equity/Total liabilities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-current
                                            assets/Total assets.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 2pt; width: 0%; padding-bottom: 2pt"></TD><TD STYLE="padding-left: 5.4pt; padding-top: 2pt; width: 0.35in; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>9.</I></B></FONT></TD><TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Trend
                                            information</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of the ICT industry, Telecom is a driving force in Argentina's digital economy. It plays a significant role in developing essential
digital solutions for Economy 4.0 and has a considerable impact on the lives of individuals and communities</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">.
 &ldquo;<FONT STYLE="background-color: white">Industry 4.0&rdquo;&nbsp;refers to technological advancement focused on producing solutions
focused on interconnectivity, automation, real-time data based on artificial intelligence, data analytics and IoT, through the adoption
of 4.0 technologies.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
offer valuable connections, enhance digital life, encourage talent development, and create innovative products and services that make
us Argentina's leading technology company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
have navigated the first part of 2024 alongside the emergence of a new national government, in a socio-economic context that remains
complex, where the main macro and microeconomic variables present significant challenges to the Company's sustainability. We trust that
there will be an intensified trend toward inflation deceleration and exchange rate stability, as well as the regularization of conditions
for the acquisition of technological equipment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telecom
remains committed to its customers by offering the best comprehensive ecosystem of digital, connectivity, and entertainment services,
essential pillars for the digital life of individuals and organizations. To ensure business viability, the Company remains focused on
achieving an optimal balance between its revenues and costs through an operational efficiency plan and a balance between pricing policies,
maintaining commercial promotions, and adapting to the highly competitive market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
commitment is also reflected in the continuation of the investment plan that Telecom has maintained over the past few years for the transformation
of its systems and infrastructure, which are central pillars of its digital transformation, as well as for the development of new services
and solutions, crucial for the evolution of our customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
connect the country with the best technology available worldwide. We continue to expand the fiber optic network to bring high-speed connections
to every corner of the country, enhancing services both inside and outside the home. We also focus our efforts on growing digital platforms
such as Flow and Personal Pay, Telecom's digital wallet, which continue to expand their customer base.</FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Personal
5G, the first 5G network in the country, continues to grow with new mobile sites in the main cities of Argentina. The deployment of this
technology targets areas with the highest concentration of compatible devices, with planning aligned to the evolution of demand, taking
into account the intensive and dollarized investments required by this new technology. The objective is to expand business opportunities
and create value for industries, cities, entrepreneurs, and individuals. The 5G standard not only represents a technological evolution
but will also be a great enabler of innovation and technological development worldwide, a pillar of industrial transformation, and a
factor of economic competitiveness as the value chain of this ecosystem develops and new businesses are generated.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Company's digital transformation is key to evolving the business model we are developing based on the opportunities offered by the platformization
of services and regional positioning, initially focusing on Paraguay, Uruguay, and Chile.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Deepening
this strategic objective, Telecom leads the GSMA Open Gateway initiative in Argentina, which drives innovation and digital development
in the country by generating new businesses through the standardization and monetization of network assets. Just one year after joining
this initiative, we have launched two anti-fraud service applications, we are developing more, and we have partnered with the company
Intraway to continue driving this new business paradigm along with mobile operators in Latin America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
line with our purpose, we will continue to promote the growth of the digital economy, the expansion of talent and supporting the evolution
of variables such as energy efficiency and the circular economy, which today are pillars of Telecom's sustainable management. We continue
to build the future and be the leading choice of our customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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="width: 65%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carlos
    Moltini</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Chairman
    of the Board of <BR>
Directors</U></B></FONT></TD></TR>
  </TABLE>

<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><B>UNAUDITED
SELECTED FINANCIAL DATA</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Financial
Statements &ndash; Application of Accounting Standards</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
prepared our audited consolidated financial statements as of December&nbsp;31, 2023 and 2022 and for our fiscal years ended December&nbsp;31,
2023, 2022 and 2021 (our &ldquo;Annual Financial Statements&rdquo;) in Pesos in current currency as of December&nbsp;31, 2023 and in
accordance with IFRS Accounting Standards, as issued by the International Accounting Standards Board (IFRS). Our Annual Financial Statements
are included in Item 18 of our 2023 20-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
prepared our unaudited condensed consolidated financial statements as of June&nbsp;30, 2024 and for the six-month periods ended June&nbsp;30,
2024 and 2023 (our &ldquo;Q2 2024 Unaudited Financial Statements&rdquo;) in Pesos in current currency as of June&nbsp;30, 2024 and in
accordance with IAS 34 &ldquo;Interim Financial Reporting&rdquo;. Our Q2 2024 Unaudited Financial Statements do not include all the information
and disclosures required in our Annual Financial Statements and should be read in conjunction with them. Our results for the six-months
period ended June&nbsp;30, 2024 are not necessarily indicative of results to be expected for the year ending December&nbsp;31, 2024,
or any future period. Our Q2 2024 Unaudited Financial Statements are included elsewhere herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
refer to our Annual Financial Statements and our Q2 2024 Unaudited Financial Statements together as our &ldquo;Financial Statements&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Financial
Statements &ndash; Application of IAS 29 &ldquo;Financial Reporting in Hyperinflationary Economies&rdquo; (&ldquo;IAS 29&rdquo;)</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IAS
29 requires for financial statements of an entity whose functional currency is the currency of a hyperinflationary economy, whether they
are based on a historical cost approach or a current cost approach, to be stated in terms of the measuring unit current at the end of
the reporting year/ period. This requirement also includes the comparative information of the financial statements. In general terms,
by applying to non-monetary items the change in a general price index from the date of acquisition or the date of revaluation, as appropriate,
to the end of the reporting period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
order to determine whether an economy is categorized as a high inflation economy under IAS 29, the standard details several factors to
be assessed, including the existence of a cumulative inflation rate over six years approaching, or exceeding, 100%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
table below shows the evolution of the indexes as of June&nbsp;30, 2024 and December&nbsp;31, 2023, 2022 and 2021, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 90%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 42%; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As
    of<FONT STYLE="text-decoration: none"><BR>
    </FONT>December<FONT STYLE="text-decoration: none"><BR>
    &nbsp;31, 2021</FONT></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>As
    of December<BR>
 &nbsp;31, 2022</U></B></FONT></TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U STYLE="text-decoration: none">As
    of<BR>
 December<BR>
 &nbsp;31, 2023</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>As
    of</U></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>June&nbsp;30,</U></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>2024</U></B></FONT></P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">National
    Consumer Price Index (National CPI) (December&nbsp;2016=100)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">582.46</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,134.59</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,533.19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,351.71</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Variation
    in Prices</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Annual
    </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94.8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">271.5%</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated
    six months</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79.8%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Our
Annual Financial Statements have been measured in terms of current pesos as of December&nbsp;31, 2023 applying the guidance in IAS 29.
Our Q2 2024 Unaudited Financial Statements have been measured in terms of current pesos as of June&nbsp;30, 2024 applying the guidance
in IAS 29.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, 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 Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
have not recast our Annual Financial Statements to measure them in terms of current pesos as of June&nbsp;30, 2024, the most recent financial
period for which consolidated financial statements are available. Therefore, the Annual Financial Statements and the Q2 2024 Unaudited
Financial Statements are not comparable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
have included herein supplemental selected financial data for the years ended December&nbsp;31, 2023, 2022 and 2021 recast in Pesos in
current currency as of June&nbsp;30, 2024, the most recent financial period for which financial statements are available. We believe
the presentation of this supplemental selected financial data helps to bridge a reader to better understand the impact the inflation
for the six-month period ended June&nbsp;30, 2024 would have had on the Annual Financial Statements should they had been presented on
a comparative basis together with the Unaudited Interim Consolidated Financial Statements. The inflation rate in Argentina for the six-month
period ended June&nbsp;30, 2024 was 79.77%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
following tables summarize selected statements of financial position as of December&nbsp;31, 2022, income statement data and cash flow
data for the years ended December&nbsp;31, 2023, 2022 and 2021 recast in Pesos in current currency as of June&nbsp;30, 2024, the most
recent financial period for which financial statements are available. The statements of financial position as of December&nbsp;31, 2023
recast in Pesos in current currency as of June&nbsp;30, 2024 is included in the Q2 2024 Unaudited Financial Statements as the comparative
information to June&nbsp;30, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: justify; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Supplemental
selected consolidated statements of financial position data recast in millions of Pesos in current currency as of June&nbsp;30, 2024</I></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 68%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As
    of December&nbsp;31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$
    million</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    assets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">632,492</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,679,235</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
    liabilities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,614,039</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,130,355</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Equity</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,548,880</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Liabilities
    and Equity</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9,679,235</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><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: justify; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Supplemental
selected consolidated income statement data recast in millions of Pesos - </I></FONT><I><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">except
per share data in Pesos - in current currency as of June&nbsp;30, 2024</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: 90%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For
    the years ended December&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 55%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$
    million</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3,701,701</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,082,149</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,640,011</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(924,862)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,022,601)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,001,332)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interconnection
    and transmission costs </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(109,289)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(125,710)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(166,430)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fees
    for services maintenance materials and supplies</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(465,103)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(495,200)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(539,045)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(284,381)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(313,452)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(357,063)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(216,809)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(247,252)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(265,995)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(199,688)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(193,364)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(228,583)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(208,846)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(256,070)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(315,692)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(80,272)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(102,683)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(87,053)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    operating expenses</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(170,856)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(204,040)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(230,990)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,266,429)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,772,935)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,478,221)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    loss</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(224,834)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,651,158)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(30,393)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings
    (losses) from associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,394)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,584</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,311</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Finance
    costs</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,140,311)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">166,514</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">312,977</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    financial results net</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">311,575</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180,454</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">184,826</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income
    (loss) before income tax </B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,056,964)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,299,606)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>471,721</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    tax benefit (expense) </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">608,094</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">148,377</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(363,330)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income (loss) for the year</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(448,870)</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,151,229)</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>108,391</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, 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>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; 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>For
    the years ended December&nbsp;31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 55%; background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; 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="vertical-align: top; width: 14%; 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>2022</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 13%; 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>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$
    million</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="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="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Controlling
    Company</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(463,328)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,163,503)</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,488</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,458</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12,274</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,903</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(448,870)</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,151,229)</B></FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>108,391</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="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="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Earnings
    per share for income (loss) attributable to the Controlling Company-Basic and diluted</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(215.1)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(540.2)</B></FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>43.9</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="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-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="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="background-color: White">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjusted
    EBITDA (*)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.5pt; padding-left: 1.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,041,595</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,121,777</FONT></TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,447,828</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(*)
Adjusted EBITDA is a non-GAAP measure, for further information on the use of adjusted EBITDA, see &ldquo;Adjusted EBITDA&rdquo; in our
 &ldquo;Operating and financial review and prospects as of June&nbsp;30, 2024&rdquo;.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Reconciliation
of net income (loss) to Adjusted EBITDA</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For
    the years ended December&nbsp;31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 57%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$&nbsp;million</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net
    income (loss) for the year</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(448,870)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,151,229)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>108,391</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income
    tax benefit (expense)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(608,094)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(148,377)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">363,330</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
    financial results, net </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(311,575)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(180,454)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(184,826)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Finance
    costs </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,140,311</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(166,514)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(312,977)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Earnings
    (losses) from associates and joint ventures </FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,394</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,584)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,311)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating
    loss</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(224,834)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,651,158)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(30,393)</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Depreciation,
    amortization and impairment of Fixed Assets</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,266,429</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,772,935</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,478,221</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,041,595</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,121,777</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,447,828</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><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: justify; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>Supplemental
selected consolidated statement of cash flow data recast in millions of Pesos in current currency as of June&nbsp;30, 2024</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For
    the years ended December&nbsp;31,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 59%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ million</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10.1pt; text-align: justify; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    flows provided by operating activities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,110,452</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,198,160</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,418,040</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10.1pt; text-align: justify; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    flows used in investing activities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,067,323)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(928,558)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,255,364)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10.1pt; text-align: justify; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash
    flows used in financing activities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(129,508)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(256,395)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(221,331)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10.1pt; text-align: justify; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net
    foreign exchange differences and RECPAM on cash and cash equivalents&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149,388</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,445)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(29,844)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10.1pt; text-align: justify; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Increase/
    (Decrease) in cash and cash equivalents</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>63,009</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,762</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(88,499)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10.1pt; text-align: justify; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash
    and cash equivalents at the beginning of the year</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>224,222</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>216,461</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>304,959</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10.1pt; text-align: justify; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash
    and cash equivalents at the end of the year</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>287,231</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>224,223</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>216,460</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The management&rsquo;s
discussion and analysis on the results of operations and liquidity included in our 20-F for the year ended December&nbsp;31, 2023 continue
to be applicable.</FONT></P>

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

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

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

<P STYLE="padding-left: 5.4pt; padding-top: 2pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: Black 1.5pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CORPORATE
INFORMATION</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.3in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market
    quotation ($/share)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Volume
    of shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 36%; 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: 10pt"><B>traded
    (in millions)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q23</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">687.45</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">390.73</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.0</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q23</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">959.80</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">621.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q23</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,752.45</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">773,30</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,073.15</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,333.80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q24</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,191.65</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,489.1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.9</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.3in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market
    quotation (US$/ADR)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Volume
    of ADRs</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 21%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 36%; 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: 10pt"><B>traded
    (in millions)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q23</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.72</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.71</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q23</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.43</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.0</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q23</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.64</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.0</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.97</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.53</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q24</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.65</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.89</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.9</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*
Calculated at 1 ADR = 5 shares.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</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 Times New Roman, Times, 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: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 95%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>In
    Argentina</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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: 10pt">Telecom
    Argentina S.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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: 10pt">Investor
    Relations Division</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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: 10pt">General
    Hornos 690</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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: 10pt">(1272)
    Autonomous City of Buenos Aires</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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: 10pt">Argentina</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: blue"><U>https://inversores.telecom.com.ar/ar/es/contacto.html</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 95%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Outside
    Argentina</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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: 10pt">JPMorgan
    Chase Bank N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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: 10pt">383
    Madison Avenue, Floor 11.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New
    York, NY10179</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Attn:
    Depositary Receipts Group</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tel:
    +1 212 622 5935</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INTERNET
                                            </U></B><U><FONT STYLE="color: blue">http://institucional.telecom.com.ar/inversores/</FONT></U></FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</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 Times New Roman, Times, 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: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 95%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JPMorgan
    Chase Bank N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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: 10pt">383
    Madison Avenue, Floor 11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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: 10pt">New
    York, NY10179</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Attn:
    Depositary Receipts Group</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: blue"><U>adr@jpmorgan.com
    </U></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&ndash; <FONT STYLE="color: blue"><U>www.adr.com</U></FONT></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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

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

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

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    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telecom Argentina S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD>September 20, 2024</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/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: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responsible for Market Relations</FONT></TD></TR>
  </TABLE>
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