<SEC-DOCUMENT>0001104659-25-110392.txt : 20251112
<SEC-HEADER>0001104659-25-110392.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112161525
ACCESSION NUMBER:		0001104659-25-110392
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251112
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112

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
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		251472929

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		GENERAL HORNOS, NO. 690
		CITY:			BUENOS AIRES
		PROVINCE COUNTRY:   	C1
		BUSINESS PHONE:		54-11-4968-4000

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		GENERAL HORNOS, NO. 690
		CITY:			BUENOS AIRES
		PROVINCE COUNTRY:   	C1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2530542d4_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the month of November&nbsp;2025</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>General Hornos,
No.&nbsp;690, (C1272ACK) </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Autonomous city
of Buenos Aires, Republic of Argentina</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal
executive offices)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Indicate by check
mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;40-F</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: left; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Item</U></B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Unaudited
                                            condensed consolidated financial statements as of September&nbsp;30, 2025</I></B></FONT></A></TD>
</TR></TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><A HREF="#o_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="#o_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Operating
                                            and financial review and prospects as of September&nbsp;30, 2025</I></B></FONT></A></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_001"></A>Unaudited Condensed Consolidated Financial Statements
as of September&nbsp;30, 2025</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>AS OF SEPTEMBER 30, 2025</U></B></FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-left: 0.3in; padding-bottom: 5pt; font-size: 10pt; width: 91%; text-align: justify"><A HREF="#a_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Glossary
    of terms</U></B></FONT></A></TD>
    <TD STYLE="width: 9%"><A HREF="#a_002">F-1</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-left: 0.3in; padding-bottom: 5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Unaudited
    condensed consolidated financial statements</U></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-left: 0.4in; padding-bottom: 5pt; font-size: 10pt; text-align: justify"><A HREF="#a_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated
    statements of financial position</FONT></A></TD>
    <TD><A HREF="#a_003">F-3</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-left: 0.4in; padding-bottom: 5pt; font-size: 10pt; text-align: justify"><A HREF="#a_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated
    income statements</FONT></A></TD>
    <TD><A HREF="#a_004">F-4</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-left: 0.4in; padding-bottom: 5pt; font-size: 10pt; text-align: justify"><A HREF="#a_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated
    statements of comprehensive income</FONT></A></TD>
    <TD><A HREF="#a_005">F-5</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-left: 0.4in; padding-bottom: 5pt; font-size: 10pt; text-align: justify"><A HREF="#a_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated
    statements of changes in equity</FONT></A></TD>
    <TD><A HREF="#a_006">F-6</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-left: 0.4in; padding-bottom: 5pt; font-size: 10pt; text-align: justify"><A HREF="#a_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consolidated
    statements of cash flows</FONT></A></TD>
    <TD><A HREF="#a_007">F-7</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-left: 0.4in; font-size: 10pt; text-align: justify"><A HREF="#a_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notes
    to the unaudited condensed consolidated financial statements</FONT></A></TD>
    <TD><A HREF="#a_008">F-9</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_002"></A><B><U>Glossary of terms</U></B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>ARCA (Agencia de Recaudaci&oacute;n y Control
Aduanero): </I>Argentine Tax Collection and Customs Control Agency.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>CNDC (Comisi&oacute;n Nacional de Defensa de
la Competencia):</I> The Argentine Antitrust Commission.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>ENACOM (Ente Nacional de Telecomunicaciones):
</I>The Telecommunications Regulatory Authority of Argentina.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Fintech:</I> Financial technology services
are activities that involve the use of innovation and technological developments for the design, offer and provision of financial products
and services.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>La Capital Cable: </I>Name corresponding to
limited company La Capital Cable S.A., respectively, company that is directly or indirectly associates according to the definition of
the General Corporations Law.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Micro Sistemas/Pem/Cable Imagen/Inter Radios/Personal
Smarthome/NYS2/ RISSAU/ Manda/ TSMA: </I>Names corresponding to limited companies or limited responsibility companies that are directly
or indirectly controlled according to the definition of the General Corporations Law, or were controlled by the Company, directly or
indirectly: Micro Sistemas S.A.U., Pem S.A.U., Cable Imagen S.R.L., AVC Continente Audiovisual S.A.,&nbsp;Inter Radios S.A.U., Personal
Smarthome S.A., NYS2 S.A.U., Negocios y Servicios S.A.U., Red Intercable Satelital S.A.U.,Manda S.A. and Teledifusora San Miguel Arc&aacute;ngel
S.A..</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>PPA: </I>Purchase Price Allocation, as defined
in IFRS 3.</P>

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

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

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

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

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

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Roaming:</I></FONT>
a function that enables mobile subscribers to use the service on networks of operators other than the one with which they signed their
initial contract. The roaming service is active when a mobile device is used in a foreign country (included in the GSM network).</P>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>SOF: </I></FONT>Secured
Overnight Financing.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>TAMAR: (Tasa Mayorista
de Argentina) </I></FONT>Argentina Wholesale Rate published by the BCRA.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Telecom USA/ N&uacute;cleo/
Personal Env&iacute;os/ Televisi&oacute;n Dirigida/ Adesol/ Opalker/ Ubiquo/ MFH/ Naperville/ Saturn / CrediPay/ Parklet: </I></FONT>Names
corresponding to foreign companies Telecom Argentina USA Inc., N&uacute;cleo S.A.E., Personal Env&iacute;os S.A., Televisi&oacute;n Dirigida
S.A., Adesol S.A., Opalker S.A., Ubiquo Chile Spa,Micro Fintech Holding LLC, Naperville Investments LLC, Saturn Holding LLC, CrediPay
S.A. and Parklet S.A., respectively, companies that are directly or indirectly controlled according to the definition of the General Corporations
Law.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><I>TMA:</I></FONT>
Telef&oacute;nica M&oacute;viles Argentina S.A.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>UVA (Unidad de
Valor Adquisitivo): </I></FONT>Purchasing Value Unit, an index developed and published by the BCRA.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><I>Ver
TV: </I></FONT>Ver T.V. S.A.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt; width: 63%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; width: 7%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; width: 15%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; width: 15%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ASSETS</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current
    Assets</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">397,893</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">388,241</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">289,527</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,961</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    receivables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">776,936</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">361,010</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184,619</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,586</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">86,909</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73,721</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets
    classified as held for sale</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,792</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,153</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    current assets</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,738,676</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>920,672</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-Current
    Assets</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    receivables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">814</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">527</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,715</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,724</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred
    income tax assets</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">375,054</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,237</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,023</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,598</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Goodwill</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,122,236</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,113,535</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,998,155</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,281,751</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intangible
    assets</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,612,974</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,312,933</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Right
    of use assets</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">692,795</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">599,242</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment
    properties</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55,001</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    non-current assets</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,891,767</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,424,547</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>TOTAL
    ASSETS</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 1pt; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15,630,443</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 1pt; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,345,219</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current
    Liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    payables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">961,988</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">542,367</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,433,449</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,308,379</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries
    and social security payables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">356,894</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">275,963</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax liabilities</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,700</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,562</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    taxes payables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">241,607</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110,577</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends
    payables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,027</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">837</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leases
    liabilities</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">141,454</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">90,902</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    liabilities</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76,060</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,273</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,279</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,737</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    current liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,325,458</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,388,597</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-Current
    Liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    payables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,692</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,095</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,687,475</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,201,807</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries
    and social security payables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55,649</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,548</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred
    income tax liabilities</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,479,121</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,720,619</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    taxes payables</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leases
    liabilities</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">224,455</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">168,856</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    liabilities</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,840</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,696</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">251,427</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64,459</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    non-current liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,766,660</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,206,082</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>TOTAL
    LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9,092,118</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,594,679</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>EQUITY
    </B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity
    attributable to Controlling Company</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,436,731</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,616,647</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity
    attributable to non-controlling interest</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">101,594</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">133,893</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>TOTAL
    EQUITY (See Consolidated Statements of Changes in Equity)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: center; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,538,325</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,750,540</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>TOTAL
    LIABILITIES AND EQUITY</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-top: 1pt; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 1pt; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15,630,443</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 1pt; padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,345,219</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD ROWSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three
    month period<BR>
 ended</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine
    month period<BR>
 ended</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt; background-color: white">
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; width: 51%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: center; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2024</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: center; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2024</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,065,211</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,295,358</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,622,561</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,758,165</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(507,333)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(332,331)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,358,615)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(915,085)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interconnection
    and transmission costs </FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(100,726)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,558)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(200,813)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(112,382)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(264,101)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(168,286)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(714,553)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(506,572)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(178,621)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(102,592)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(485,015)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(293,654)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(103,915)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(76,739)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(297,533)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(204,778)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(67,986)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(64,517)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(224,740)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(173,620)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(93,759)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(75,022)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(266,780)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(212,992)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(27,124)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,207)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(97,299)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(77,335)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    operating expenses, net</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(72,520)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(65,125)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(260,826)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(178,313)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation,
    amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(483,338)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(400,385)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,364,066)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,223,579)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating
    income (loss)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>165,788</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(48,404)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>352,321</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(140,145)</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,225)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,392)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,073)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,783)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>14</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(444,833)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">121,748</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(679,159)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,779,364</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>14</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(12,150)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(60,120)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,041)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">181,914</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income
    (loss) before income tax </B></FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(293,420)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,832</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(336,952)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,810,350</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax benefit (expense)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100,939</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22,042)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64,409</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(556,137)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income (loss) for the period</B></FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(192,481)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(15,210)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(272,543)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,254,213</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling
    Company</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(200,363)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,557)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(289,156)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,236,724</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,882</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,347</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,613</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,489</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(192,481)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(15,210)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(272,543)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,254,213</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Earnings
    (losses) per share for income attributable to the Controlling Company - Basic and diluted</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1.c</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(93.03)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10.01)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(134.26)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 2.5pt double; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>574.24</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">See Note 13 for additional information on operating expenses per function.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three
    month period<BR>
 ended</U></B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine
    month period<BR>
 ended</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; width: 56%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income (loss) for the period</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(192,481)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(15,210)</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(272,543)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,254,213</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Other
    comprehensive income </U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><U>Items
    that may be reclassified to profit or loss</U></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency
    translation adjustments (no effect on Income Tax)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,610</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(27,925)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">70,290</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(267,380)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DFI effects
    classified as hedges </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,675)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,198)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gains of
    investment at fair value</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,142</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,084</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    Tax effects </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(749)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,926</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,079)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,409</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other
    comprehensive income (loss), net of tax</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>54,003</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(33,674)</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>72,295</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(272,169)</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    comprehensive income (loss) for the period</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 2.25pt double; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(138,478)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 2.25pt double; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(48,884)</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 2.25pt double; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(200,248)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 2.25pt double; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>982,044</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; text-align: right; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling
    Company</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(159,729)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45,512)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(231,201)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,045,168</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,251</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,372)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,953</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(63,124)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-top: 1pt; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 2.5pt double; padding-bottom: 1pt; font-size: 9pt; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(138,478)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 2.5pt double; padding-bottom: 1pt; font-size: 9pt; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(48,884)</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 2.5pt double; padding-bottom: 1pt; font-size: 9pt; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(200,248)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 2.5pt double; padding-bottom: 1pt; font-size: 9pt; padding-top: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>982,044</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; white-space: nowrap; padding: 1.5pt 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Owners
    contribution</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Reserves</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Other<BR>
comprehensive<BR>
loss</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Retained<BR>
earnings</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Equity<BR>
attributable<BR>
to<BR>
controlling<BR>
company</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Equity<BR>
attributable to<BR>
non-controlling<BR>
interest</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.5pt 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total<BR>
Equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 5pt; white-space: nowrap; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding: 1.5pt 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Outstanding<BR>
shares<BR>
    Capital<BR>
nominal<BR>
value</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding: 1.5pt 3pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Inflation<BR>
adjustment </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding: 1.5pt 3pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Contributed<BR>
Surplus</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding: 1.5pt 3pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Legal</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding: 1.5pt 3pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Special<BR>
reserve<BR>
for IFRS<BR>
implementation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding: 1.5pt 3pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Facultative<BR>
(1)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1.5pt 5pt; text-align: left; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Balances
    as of January&nbsp;1, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,154</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,281,597</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3,354,448</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>135,501</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>49,683</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>757,419</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(138,460)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(684,523)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>5,757,819</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>205,972</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; width: 5%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>5,963,791</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Resolutions
    of the General Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April&nbsp;25, 2024</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;Absorption of retained earnings (losses) and reserve reclassification</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(205,624)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(478,899)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">684,523</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Dividends
    to non-controlling shareholders</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(12,720)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(12,720)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Subsidiary
    acquisition &ndash; Naperville</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,490</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,490</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Transaction
    with non-controlling interest</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(32,552)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(32,552)</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2,228)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(34,780)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Subsidiary
    acquisition - CrediPay</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">785</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>785</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><U>Comprehensive
    income: </U></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Net
    income for the period</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,236,724</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,236,724</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">17,489</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,254,213</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other
    comprehensive loss, net of tax</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(191,556)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(191,556)</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(80,613)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(272,169)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total
    comprehensive income (loss) for the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(191,556)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,236,724</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,045,168</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(63,124)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>982,044</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; padding: 1.5pt 5pt; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Balances
    as of September&nbsp;30, 2024</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,154</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,281,597</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3,148,824</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>135,501</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>49,683</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>278,520</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(362,568)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,236,724</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6,770,435</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>130,175</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6,900,610</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; padding: 1.5pt 5pt; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Balances
    as of January&nbsp;1, 2025</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,154</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,281,597</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3,148,824</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>135,501</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>49,683</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>133,558</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(369,456)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,234,786</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6,616,647</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>133,893</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6,750,540</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Resolutions
    of the General Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April&nbsp;25, 2025 <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-&nbsp;Absorption of specific retained earnings (losses)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(110,451)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">60,069</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">1,285,168</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1,234,786)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Dividends
    to non-controlling shareholders</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(11,967)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(11,967)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Transaction
    non-controlling interest&nbsp;&nbsp;<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">51,285</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>51,285</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(51,285)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><U>Comprehensive
    income: </U></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Net
    income (loss) for the period</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(289,156)</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(289,156)</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">16,613</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(272,543)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Other
    comprehensive income, net of tax</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">57,955</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>57,955</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">14,340</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>72,295</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Total
    comprehensive income (loss) for the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>57,955</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(289,156)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(231,201)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>30,953</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(200,248)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; padding: 1.5pt 5pt; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Balances
    as of September&nbsp;30, 2025</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,154</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>2,281,597</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>3,038,373</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>195,570</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>49,683</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>1,418,726</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(260,216)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>(289,156)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6,436,731</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>101,594</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1.5pt; padding-right: 3pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>6,538,325</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font-size: 2pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 7pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 7pt">Correspond to the Voluntary reserve
                                            to maintain the Company's level of capital expenditures and its current solvency level.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 7pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 7pt">See Note 16 b).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 7pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 7pt">This operation represents a transaction
                                            between controlling and non-controlling stockholders related to the acquisition of 100% Adesol&rsquo;s
                                            special purpose entities. See Note 1.a).</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    </TD></TR>
  </TABLE>
<P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="a_007"></A><B><U>CONSOLIDATED STATEMENTS OF CASH FLOWS</U></B></P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine month period ended</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 65%; padding-right: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Note</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net income (loss) for the period</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(272,543)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,254,213</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjustments to reconcile net income to net cash flows provided by operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowances deducted from assets </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106,972</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">71,823</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation of PP&amp;E</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,017,916</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">933,214</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization of intangible assets</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">153,773</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106,453</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization of rights of use assets</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">190,881</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">185,262</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation of Investment properties</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,557</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Disposals of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,231</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,345</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Earnings (losses) from associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,073</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,783</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial results and others</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">643,891</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,214,923)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax expenses</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(64,409)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">556,137</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax paid </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,892)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,764)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I><U>Change in operating assets and liabilities, net of effects from purchase of controlled entity</U></I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase Trade receivables</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(201,862)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(247,512)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase Other receivables</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45,457)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(72,872)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease Inventories</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53,391</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">279</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decrease Trade payables</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(90,145)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,384)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Decrease) / Increase Salaries and social security payables</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,655)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,355</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Decrease) / Increase Other taxes payables </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(232,403)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,337</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Decrease) / Increase Other Liabilities and Provisions</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,058</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,621)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total cash flows from operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,296,377</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>631,125</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments for PP&amp;E</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(688,580)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(271,300)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments for intangible asset acquisitions</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(87,374)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(39,380)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends received from associates</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,229</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds from the sale of PP&amp;E and intangible assets</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,983</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,498</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments for acquisition of subsidiary, net of cash acquired</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,209,041)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,020)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Integration contributions in joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(204)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Compensation received for acquisition of companies</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,901</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds from DFI liquidations</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,538</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,808</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds from sale of investments not considered as cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">281,163</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">330,941</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments for investments not considered as cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(416,138)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(346,798)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total cash flows used in investing activities</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,065,653)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(329,121)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,490,325</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,110,294</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payment of borrowings</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,273,464)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,076,214)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Repurchase of Notes</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,917)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,233)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payment of interests, DFI and related expenses</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(307,055)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(332,351)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments of leases liabilities</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(136,741)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(76,631)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividends paid to non-controlling interests in subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,276)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,713)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total cash flows from (used in) financing activities</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>742,872</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(411,848)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NET DECREASE IN CASH AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(26,404)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(109,844)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>388,241</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>424,356</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>NET FOREIGN EXCHANGE DIFFERENCES AND RECPAM ON CASH AND CASH EQUIVALENTS</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>36,056</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(73,647)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>397,893</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>240,865</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    </TD></TR>
  </TABLE>
<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><U>CONSOLIDATED STATEMENTS OF CASH FLOWS (Cont.)</U></B></P>



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

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Main non-cash transactions from the consolidated statement of cash flows
are the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Classification of<BR>
 activities</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine month period<BR>
 ended</U></B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Description</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 15%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="text-align: center; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E and intangible assets acquisition financed with trade payables</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investing</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110,763</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">222,043</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Right of use assets acquisition owed</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">140,390</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">218,871</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade payables cancelled with government bonds</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,645</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuance costs payable</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,530</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">215</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade payables cancelled with borrowings</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,817</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividend payable from subsidiaries</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,007</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividend offset with trade payable</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">408</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisition of companies and joint ventures offset with other receivables </FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,161</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisition of non-controlling interest offset against other receivables</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,590</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisition of non-controlling interest financed with other liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,190</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exchange Notes</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">162,405</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Contribution pending integration</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">785</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade payables offset with sale of PP&amp;E</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investing</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,562</FONT></TD>
    <TD STYLE="padding-bottom: 2pt; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    </TD></TR>
  </TABLE>
<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="a_008"></A><B><U>NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2025, AND 2024</U></B></P>



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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-top: 5pt; width: 90%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_001"><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="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-10</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    2 &ndash; Cash and cash equivalents and Investments. </FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_002"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-18</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    3 &ndash; Goodwill</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_003"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-20</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    4 &ndash; PP&amp;E</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_004"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-20</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    5 &ndash; Intangible assets</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_005"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-21</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    6 &ndash; Right of use assets&#9;</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_006"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-21</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    7 &ndash; Borrowings</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_007"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-21</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    8 &ndash; Income tax and Deferred income tax assets/liabilities</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_008"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-24</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    9 &ndash; Provisions and allowances</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_009"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-25</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    10 &ndash; Additional information of financial assets and liabilities&#9;</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_010"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-26</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    11 &ndash; Purchase commitments</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_011"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-28</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    12 &ndash; Revenues</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_012"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-28</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    13 &ndash; Operating expenses</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_013"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-28</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    14 &ndash; Financial results</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_014"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-29</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    15 &ndash; Balances and transactions with Related parties</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_015"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-29</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    16 &ndash; Recent developments corresponding to the nine-month period ended September&nbsp;30, 2025</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_016"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-31</B></FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding: 3pt 3.5pt 2pt 0.125in; vertical-align: top; text-align: justify"><A HREF="#f_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note
    17&ndash; Subsequent events to September&nbsp;30, 2025</FONT></A></TD>
    <TD STYLE="font-size: 10pt; padding-top: 5pt; text-align: center"><A HREF="#f_017"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>F-33</B></FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    </TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="f_001"></A><B>NOTE 1 &ndash; BASIS OF PREPARATION OF THE
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>a)</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Basis
                                            of preparation and significant accounting policies</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">These unaudited
condensed consolidated financial statements as of September&nbsp;30, 2025, and for the nine and three-month periods ended on September&nbsp;30,
2025, have been prepared in accordance with IAS 34 &ldquo;Interim Financial Reporting&rdquo;.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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, 2024 included in form 20F 2024, which can be consulted at the Company&acute;s
website (<FONT STYLE="color: blue"><U>https:// https://inversores.telecom.com.ar/en/quarterly-earnings.html</U></FONT>). It should be
noted that the annual financial statements have been measured in terms of current pesos as of December&nbsp;31, 2024, applying the guidance
in IAS 29. These unaudited condensed consolidated financial statements have been measured in terms of current pesos as of September&nbsp;30,
2025, applying the guidance in IAS 29. (See Note 1.d).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have not recast
our annual financial statements to measure them in terms of current pesos as of September&nbsp;30, 2025, 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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">These unaudited
condensed consolidated financial statements were prepared following the same accounting policies as in the most recent annual financial
statements, except for those policies incorporated due to the acquisition of TMA:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">measurement
                                            of financial assets: assets that are held for collection of contractual cash flows and for
                                            selling, where the assets&rsquo; cash flows represent solely payments of principal and interest,
                                            are measured at fair value through other comprehensive income. Movements in the carrying
                                            amount are taken through other comprehensive income, except for the recognition of impairment
                                            gains or losses, interest income and foreign exchange gains and losses, which are recognized
                                            in profit or loss, within &ldquo;Other financial results, net&rdquo;. When the financial
                                            asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive
                                            income is reclassified from equity to profit or loss,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Investment
                                            properties, which is recorded initially at cost, and then at cost less accumulated depreciation,
                                            and comprise primarily land and buildings that are not occupied for its own operations, and
                                            the depreciation is calculated on a straight-line basis for the estimated useful life of
                                            50 years, (calculated in accordance with technical studies, periodically reviewed) and</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">termination
                                            benefits plans: additionally to what is mentioned in Note 3.o) to the annual financial statements
                                            as of December&nbsp;31, 2024, Telecom recognizes costs for a restructuring according to IAS
                                            37 (i.e., it has a detailed formal plan for the restructuring, and it has raised a valid
                                            expectation in those affected that it will carry out the restructuring) and when involves
                                            the payment of terminations benefits. These termination benefit plans correspond to the TMA
                                            subsidiary and are recognized in the line &ldquo;Salaries and social security payables&rdquo;
                                            in the consolidated statements of financial position. In addition to the termination benefits
                                            plans in effect at the time of the acquisition of TMA, during the nine- and three-month periods
                                            ending September&nbsp;30, 2025 this subsidiary recognized a new restructuring plan, which
                                            had an impact of $111,746 million and $56,309 million on results, respectively, recognized
                                            as &ldquo;Employee benefit expenses and severance payments&rdquo;. As of September&nbsp;30,
                                            2025 there are no pending balances related to the mentioned termination plan.</FONT></TD></TR></TABLE>

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

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    </TD></TR>
  </TABLE>
<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 75%; border-collapse: collapse; margin-left: 0.5in">
  <TR>
    <TD STYLE="white-space: nowrap; padding: 1pt 3.5pt; width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Company</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt 3.5pt; width: 53%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Main activity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt 3.5pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Country</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 1pt 3.5pt; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Telecom<BR>
 Argentina's<BR>
 direct/indirect<BR>
 interest in<BR>
 capital stock<BR>
 and votes</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TMA<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-top: 1pt; 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="padding-top: 1pt; 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="padding-top: 1pt; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99.999625%</FONT></TD></TR>
  <TR>
    <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>
    <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">Manda</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">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>
    <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">RISSAU</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>
    <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>
    <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>
    <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>
    <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</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>
    <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 </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>
    <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">TSMA</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">Community 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>
    <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</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>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N&uacute;cleo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mobile telecommunications Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67.50%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Personal Env&iacute;os</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mobile financial services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paraguay</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67.50%</FONT></TD></TR>
  <TR>
    <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">CrediPay</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">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>
    <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>
    <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 <SUP>(b)</SUP></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>
    <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>
    <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">Parklet </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><SUP>(c)</SUP></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">Development and provision of digital platforms</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">51,00%</FONT></TD></TR>
  <TR>
    <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">MFH</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>
    <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</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>
    <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">Saturn</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>
    <TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 7pt">(a)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 7pt">Company
acquired on February&nbsp;24, 2025. See Note 16.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 7pt">(b)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 7pt">Adesol
acquired 100% of the equity interests in the following companies incorporated in the Eastern Republic of Uruguay, which render subscription
television services in various locations of that country: Bersabel S.A., Audomar S.A., Dolfycor S.A., Reiford S.A., Tracel S.A., Space
Energy Tech S.A., and Visi&oacute;n Satelital S.A. This acquisition was approved by the regulatory authority through Resolution No.&nbsp;79
issued by the Ministry of Industry, Energy and Mining of Uruguay dated February&nbsp;27, 2025, and published in the Official Gazette
of the Eastern Republic of Uruguay on March&nbsp;12, 2025. This operation represents a transaction between controlling and non-controlling
stockholders.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 7pt">(c)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 7pt">Until
May&nbsp;19, 2025, Telecom Argentina indirectly held 100% of the company through Opalker. On May&nbsp;19, 2025, Opalker transferred to
the unrelated company &ldquo;Tech-Co Enablers, LLC&rdquo;, shares representing 49% of Parklet&rsquo;s capital and voting rights. As a
result, from that date, Opalker&rsquo;s interest in Parklet is 51%. On the same date, the parties signed a shareholders&rsquo; agreement
(&ldquo;Agreement&rdquo;) which sets forth, among other matters, the rights and obligations of both parties regarding their participation
in the company. According to the Agreement, a special majority with the consent of both shareholders is required to decide on key business
and corporate matters. Therefore, Opalker alone does not have the ability to use its power over the investee to influence its returns,
and exercises joint control, accounting for its investment as a joint venture from the date the share transfer transaction was completed,
see Note 2.a).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
preparation of these unaudited condensed consolidated financial statements in accordance with IAS 34 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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 September&nbsp;30, 2025.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The figures as of
December&nbsp;31, 2024, and for the nine and three-month periods ended on September&nbsp;30, 2024, 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 September&nbsp;30, 2025. This is as a consequence of the restatement process of the financial information
described in point d).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As disclosed in
Note 16.a) to these unaudited condensed consolidated financial statements, the Company has consolidated TMA as from February&nbsp;24,
2025, and, therefore, the Company's financial statements as of September&nbsp;30, 2025, and the results for the nine and three-month
periods ended September&nbsp;30, 2025, are not comparable to the comparative information presented in these unaudited condensed consolidated
financial statements.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">These
unaudited condensed consolidated financial statements as of September&nbsp;30, 2025, were authorized for issuance and approved by resolution
of the Board of Directors&rsquo; meeting held on November&nbsp;10, 2025.</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    </TD></TR>
  </TABLE>
<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>b)</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Segment
                                            information </U></B></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Following the acquisition
of TMA, dated February&nbsp;24, 2025 (see Note 16), the Company identified a new reportable segment, &ldquo;ICT Services provided in
Argentina &ndash; TMA Networks&rdquo; corresponding to the provision of mobile and fixed telephony services, fixed broadband, and video
services on a nationwide scale in Argentina, using its own networks, with its own infrastructure. The subsidiary TMA is managed as a
separate business unit, and therefore, the Executive Committee and the CEO review its economic and financial information (stated in historic
currency at the transaction date) separately.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 provided in Argentina&ndash; Telecom Networks&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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Executive Committee
and the CEO continue to monitor these businesses to evaluate the way 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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As a result, segments
as of September&nbsp;30, 2025, are the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">ICT
                                            Services provided in Argentina &ndash; Telecom Networks: Corresponds to the operations carried
                                            out by the Company and its subsidiaries located in Argentina (excluding TMA) engaged in the
                                            provision of ICT services.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">ICT
                                            Services provided in Argentina &ndash; TMA Networks: Corresponds to the operations carried
                                            out by the subsidiary TMA as from the acquisition date.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt"></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Other
                                            segments: Corresponds to the operations for a) ICT services provided aboard (Paraguay, USA,
                                            Uruguay and Chile) and b) the development of activities in the fintech industry, through
                                            the subsidiaries Micro Sistemas and Personal Env&iacute;os in Argentina and Paraguay, respectively.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Presented below
is the segment financial information as it is analyzed by the Executive Committee and the CEO for the nine and three-month periods ended
September&nbsp;30, 2025 and 2024, respectively:</FONT></P>

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

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

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

<!-- Field: Split-Segment; Name: 002 -->
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>TELECOM ARGENTINA S.A.</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Consolidated Income Statement for the
nine-month period ended September&nbsp;30, 2025</U></I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-left: Black 2.25pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ICT
    Services provided in Argentina &ndash; </B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ICT
    Services provided in Argentina &ndash; </B></FONT></TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Other
    segments</B></FONT></TD>
    <TD ROWSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Eliminations</B></FONT></TD>
    <TD ROWSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Telecom
    Network</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>TMA
    Network</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-left: Black 2.25pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency
    of <BR>
    the<BR>
    transaction<BR>
    date</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inflation<BR>
    restatement</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>In
    current<BR>
    currency</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency
    of <BR>
    the<BR>
    transaction<BR>
    date</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inflation<BR>
    restatement</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>In
    current<BR>
    currency</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency
    of<BR>
    the<BR>
    transaction<BR>
    date</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inflation<BR>
    restatement</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>In
    current<BR>
    currency</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; text-indent: 8.05pt; width: 39%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>3,359,594</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>274,274</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>3,633,868</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,679,463</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>104,726</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,784,189</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>266,454</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>20,974</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>287,428</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(82,924)</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>5,622,561</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Operating
    costs without depreciation, amortization and impairment of Fixed and intangible assets</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(803,493)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(64,584)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(868,077)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(440,721)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(24,314)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(465,035)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(23,635)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,868)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(25,503)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,358,615)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(402,941)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(52,882)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(455,823)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(214,278)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(11,862)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(226,140)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(35,482)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,772)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(38,254)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,664</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(714,553)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(282,073)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(22,903)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(304,976)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(158,436)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(9,468)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(167,904)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(11,231)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(904)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(12,135)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(485,015)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(141,089)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(11,189)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(152,278)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(94,511)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(5,704)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(100,215)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(45,502)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(4,229)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(49,731)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,691</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(297,533)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(191,442)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(15,564)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(207,006)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(32,373)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,879)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(34,252)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(23,612)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,910)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(25,522)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(266,780)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Other
    operating costs without depreciation, amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(382,537)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(54,656)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(437,193)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(328,772)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(34,384)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(363,156)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(51,693)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(4,205)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(55,898)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">72,569</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(783,678)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; text-indent: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,156,019</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>52,496</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,208,515</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>410,372</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>17,115</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>427,487</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>75,299</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>5,086</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>80,385</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,716,387</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Depreciation,
    amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,364,066)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>352,321</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(4,073)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(679,159)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(6,041)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Loss
    before income tax</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(336,952)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Income
    tax benefit</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">64,409</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(272,543)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Controlling
    Company</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(289,156)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,613</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(272,543)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>TELECOM ARGENTINA S.A.</B></P>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I><U>Consolidated Income Statement for the three-month period ended
September&nbsp;30, 2025</U></I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-left: Black 2.25pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ICT
    Services provided in Argentina &ndash; </B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ICT
    Services provided in Argentina &ndash; </B></FONT></TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Other
    segments</B></FONT></TD>
    <TD ROWSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Eliminations</B></FONT></TD>
    <TD ROWSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Telecom
    Network</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>TMA
    Network</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-left: Black 2.25pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency
    of<BR>
 the<BR>
 transaction<BR>
 date</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inflation<BR>

    restatement</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>In
    current<BR>
 currency</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency
    of<BR>
 the<BR>
 transaction<BR>
 date</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inflation<BR>

    restatement</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>In
    current<BR>
 currency</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency
    of<BR>
 the<BR>
 transaction<BR>
 date</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inflation<BR>

    restatement</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>In
    current<BR>
 currency</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; text-indent: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,213,558</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>24,229</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,237,787</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>746,777</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>10,779</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>757,556</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>99,070</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,487</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>100,557</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(30,689)</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2,065,211</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Operating
    costs without depreciation, amortization and impairment of Fixed and intangible assets</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(295,141)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(5,979)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(301,120)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(193,156)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(3,783)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(196,939)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(9,086)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(188)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(9,274)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(507,333)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(146,203)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(8,159)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(154,362)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(96,103)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,166)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(97,269)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(14,429)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(301)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(14,730)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,260</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(264,101)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(102,509)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,032)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(104,541)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(68,401)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,458)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(69,859)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(4,142)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(79)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(4,221)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(178,621)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(52,339)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,090)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(53,429)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(37,728)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(770)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(38,498)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(13,480)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(286)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(13,766)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,778</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(103,915)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(68,727)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,368)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(70,095)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(14,635)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(285)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(14,920)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(8,570)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(174)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(8,744)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(93,759)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Other
    operating costs without depreciation, amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(124,522)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(11,479)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(136,001)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(145,695)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">731</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(144,964)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(14,212)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">170</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(14,042)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">26,651</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(268,356)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; text-indent: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>424,117</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(5,878)</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>418,239</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>191,059</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>4,048</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>195,107</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>35,151</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>629</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>35,780</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>649,126</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Depreciation,
    amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(483,338)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>165,788</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,225)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(444,833)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(12,150)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Loss
    before income tax</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(293,420)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Income
    tax benefit</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">100,939</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net
    loss</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(192,481)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Attributable
    to:</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Controlling
    Company</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(200,363)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,882</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(192,481)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

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

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

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>TELECOM ARGENTINA S.A.</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I><U>Consolidated Income Statement for the
nine-month period ended September&nbsp;30, 2024</U></I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-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>
    <TD STYLE="border-top: Black 2.25pt double; padding: 4pt 3.5pt; white-space: nowrap; border-left: Black 2.25pt double">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2.25pt double; padding: 4pt 3.5pt; white-space: nowrap; border-right: black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ICT Services provided in Argentina &ndash;&nbsp;&nbsp;Telecom Network</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 2.25pt double; padding: 4pt 3.5pt; white-space: nowrap; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other segments</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; padding: 4pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Eliminations</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; padding: 4pt 3.5pt; white-space: nowrap; border-right: Black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: Black 2.25pt double; padding: 4pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border: Black 1pt solid; padding: 4pt 3.5pt; white-space: nowrap; 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="border-top: Black 1pt solid; padding: 4pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Inflation<BR>
 restatement</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>In current<BR>
 currency</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency of the<BR>
 transaction date</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Inflation<BR>
 restatement</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 4pt 3.5pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>In current<BR>
 currency</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; text-indent: 8.05pt; width: 28%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,204,084</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,263,821</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,467,905</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>192,888</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>117,909</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>310,797</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(20,537)</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,758,165</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating costs without depreciation, amortization and impairment of Fixed and intangible assets</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Employee benefit expenses and severance payments</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(564,737)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(322,428)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(887,165)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,356)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,564)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(27,920)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(915,085)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fees for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(272,431)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(197,017)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(469,448)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,042)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(16,023)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(42,065)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,941</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(506,572)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(179,416)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(102,509)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(281,925)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,326)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,403)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,729)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(293,654)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Commissions and advertising</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(86,687)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(47,840)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(134,527)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(46,095)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,829)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(72,924)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,673</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(204,778)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Programming and content costs</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(116,779)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(65,864)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(182,643)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,849)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11,500)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(30,349)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(212,992)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other operating costs without depreciation, amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(290,773)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(206,362)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(497,135)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(35,491)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21,947)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(57,438)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,923</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(541,650)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; text-indent: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>693,261</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>321,801</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,015,062</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>41,729</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26,643</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>68,372</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,083,434</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation, amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,223,579)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating loss</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(140,145)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Losses from associates and joint ventures</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,783)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial results from borrowings</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,779,364</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other financial results, net</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">181,914</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,810,350</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(556,137)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,254,213</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling Company</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,236,724</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,489</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,254,213</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

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

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>TELECOM ARGENTINA S.A.</B></P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-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>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-left: Black 2.25pt double">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ICT Services provided in Argentina &ndash;&nbsp;&nbsp;Telecom Network</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other segments</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Eliminations</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 2pt 3.5pt; white-space: nowrap; border-top: Black 2.25pt double; border-right: Black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 4pt 3.5pt; white-space: nowrap; border-left: Black 2.25pt double">&nbsp;</TD>
    <TD STYLE="padding: 4pt 3.5pt; white-space: nowrap; border: Black 1pt solid; 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="padding: 4pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Inflation<BR>
 restatement</B></FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>In current<BR>
 currency</B></FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency of the<BR>
 transaction date</B></FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Inflation<BR>
 restatement</B></FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>In current<BR>
 currency</B></FONT></TD></TR>
  <TR>
    <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: 3.5pt; padding-left: 3.5pt; text-indent: 8.05pt; width: 28%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>884,375</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>323,489</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,207,864</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>67,564</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>24,884</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>92,448</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,954)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,295,358</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating costs without depreciation, amortization and impairment of Fixed and intangible assets</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Employee benefit expenses and severance payments</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(236,823)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(87,127)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(323,950)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,140)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,241)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8,381)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(332,331)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fees for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(106,353)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(50,791)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(157,144)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,207)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,495)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12,702)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,560</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(168,286)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(72,330)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26,456)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(98,786)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2,783)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,023)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,806)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(102,592)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Commissions and advertising</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(38,332)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14,017)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(52,349)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(18,659)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,857)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(25,516)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,126</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(76,739)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Programming and content costs</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(48,423)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,707)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(66,130)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,148)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">256</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8,892)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(75,022)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 2.25pt double; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other operating costs without depreciation, amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(120,298)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(55,840)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(176,138)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10,853)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,684)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14,537)</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,268</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(188,407)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; text-indent: 8.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-left: Black 1pt solid; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>261,816</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>71,551</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>333,367</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10,774</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,840</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18,614</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>351,981</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation, amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(400,385)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating loss</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(48,404)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Losses from associates and joint ventures</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,392)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Financial results from borrowings</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">121,748</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other financial results, net</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(60,120)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,832</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(22,042)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net loss</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(15,210)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Controlling Company</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(21,557)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,347</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 3.5pt; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(15,210)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

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

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

<!-- Field: Split-Segment; Name: 003 -->
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>TELECOM ARGENTINA
S.A.</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>



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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Additional
required information is disclosed below:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three
    month period<BR>
    ended</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine
    month period ended</U></B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 48%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Revenues</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revenues
    from customers in Argentina</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,973,376</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,209,872</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,360,191</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,466,320</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revenues
    from foreign customers</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">91,835</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85,486</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">262,370</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">291,845</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,065,211</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,295,358</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,622,561</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,758,165</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>CAPEX</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAPEX
    corresponding to the segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Network&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">530,213</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">425,042</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAPEX
    corresponding to the segment &ldquo;ICT Services provided in Argentina &ndash; TMA Network&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">256,170</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAPEX
    corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">62,987</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65,098</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>849,370</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>490,140</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September30,</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Fixed
    and intangible assets </U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed
    and intangible assets corresponding to the segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Network&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">7,310,760</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,821,805</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed
    and intangible assets corresponding to the segment &ldquo;ICT Services provided in Argentina &ndash; TMA Network&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">1,519,639</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed
    and intangible assets corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">4,650,762</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">485,656</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,481,161</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,307,461</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Borrowings</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings
    corresponding to the segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Network&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">5,071,293</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,452,634</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings
    corresponding to the segment &ldquo;ICT Services provided in Argentina &ndash; TMA Network&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings
    corresponding to the segment &ldquo;Other segments&rdquo;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">49,631</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,552</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,120,924</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,510,186</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Net
                                            earnings per share</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For the nine and
three-month periods ended September&nbsp;30, 2025, and 2024, the weighted average number of shares outstanding amounted to 2,153,688,011.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>d)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Financial
                                            reporting in hyperinflationary economies</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 September&nbsp;30, 2025.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The table below
shows the evolution of the indexes as of September&nbsp;30, 2025, and 2024 and December&nbsp;31, 2024 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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>TELECOM ARGENTINA
S.A.</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&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: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="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<BR>
    September 30,<BR>
    2024</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<BR>
    December<BR>
    31, 2024</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<BR>
    September 30,<BR>
    2025</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">National
    Consumer Price Index (National CPI) (December 2016=100)</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">7,122.2</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">7,694.0</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">9,384.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><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-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><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: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">209.0%</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">117.8%</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">31.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    nine months</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">101.6%</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">n/a</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">22.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    three months since June 2024/2025</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">12.1%</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">n/a</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">6.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="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"><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"><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"><B>&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><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: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">970.5</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">1,032.0</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">1,380.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><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"><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"><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"><B>&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><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: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><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: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">177.3%</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">27.7%</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">42.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    nine months</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">20.0%</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">n/a</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">33.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated
    three months since June 2024/2025</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">6.4%</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">n/a</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">14.5%</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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, 2024.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>e)</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>New
                                            Standards and Interpretations issued by the IASB </B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>New standards
and amendments &ndash; applicable on January&nbsp;1, 2025</U></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 95%; 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: 8pt"><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: 8pt"><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: 8pt"><B>Mandatory application date for<BR>
 years beginning on or after</B></FONT></TD></TR>
  <TR>
    <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: 8pt">Amendments to IAS 21</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: 8pt">Lack of Exchangeability: Evaluation when a currency is exchangeable into another currency;</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: 8pt">January&nbsp;1, 2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B></B>&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="f_002"></A><FONT STYLE="font-size: 10pt"><B>NOTE 2 &ndash;
CASH AND CASH EQUIVALENTS AND INVESTMENTS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 57%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Cash
    and cash equivalents</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    and Banks <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">130,779</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">148,497</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Time
    deposits</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">139,911</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">128,033</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mutual
    funds</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">127,203</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">111,711</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>397,893</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>388,241</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">As of September&nbsp;30, 2025 and December&nbsp;31, 2024 includes restricted funds for $15,036 million and $10,657 million, respectively,
corresponding to the funds to be paid to clients.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 57%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Investments</U></B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current
    </U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government
    bonds and Notes at fair value through profit or loss</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">256,282</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,887</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government
    bonds and Notes at fair value through OCI</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">32,059</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mutual
    funds</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">968</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,164</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Others
    investment at amortized cost</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">218</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,910</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>289,527</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>40,961</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-
    current</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    in associates and joint ventures<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">12,992</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,597</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    investments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">31</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>13,023</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,598</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    investments</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt"><B>302,550</B></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: 9pt"><B>57,559</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Information on Investments in associates and joint ventures is detailed below:</TD></TR></TABLE>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>TELECOM ARGENTINA
S.A.</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1)</B></TD><TD><B><U>Financial position information:</U></B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    in associates </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,553</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,746</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    in 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: 9pt">7,439</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,851</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,992</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,597</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="padding: 1pt 3.5pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Companies</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 1pt 3.5pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Nature of relationship</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 1pt 3.5pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Main activity</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 1pt 3.5pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Country</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 1pt 3.5pt; border-top: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Percentage
    of capital<BR>
 stock owned and <BR>
voting rights (%)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 3.5pt; border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Valuation as of</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>09.30.25</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; 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: 9pt"><B>12.31.24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">La Capital Cable <SUP>(1)&nbsp;(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Associate</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; width: 22%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Closed-circuit television</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Argentina</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50.00</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,553</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,746</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OPH <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Joint venture</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Holding</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">USA</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50.00</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,230</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,851</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Parklet <SUP>(1)&nbsp;(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Joint venture</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Development and provision of digital platforms</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uruguay</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51.00</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">209</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,992</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,597</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">(1)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 8pt">Data
about the issuer arises from extra-accounting information.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">(2)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 8pt">Direct
and indirect interest.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">(3)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 8pt">As
of September&nbsp;30, 2025, despite owning a percentage higher than a 50% of interest, the Company does not have control in accordance
with the requirements of IFRS Accounting Standards. See Note 1.a).</FONT></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The evolution of investments in associates and joint ventures is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Balances
    as of<BR>
    December&nbsp;31,<BR>
    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: 9pt"><B><U>Acquisitions</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Dividends
    </U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Earnings<BR>
    (loss) of the<BR>
    period</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Currency<BR>
    translation<BR>
    adjustments</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Balances
    as of<BR>
    September&nbsp;30,<BR>
    2025</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">La
    Capital Cable </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,746</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(416)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">223</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,553</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OPH</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,851</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,291)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">670</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>7,230</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Parklet</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">204</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>209</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,597</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>204</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(416)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,069)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>676</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12,992</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Balances
    as of<BR>
    December&nbsp;31,<BR>
    2023</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Dividends
    </U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Earnings
    (loss)<BR>
    of the period</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Decreases</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: 9pt"><B><U>Currency<BR>
    translation<BR>
    adjustments</U></B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Balances
    as of<BR>
    September<BR>
    30, 2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ver
    TV</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>27,869</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(597)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,759)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,513)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TSMA</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>10,176</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,635</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,794)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">La
    Capital Cable </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,974</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(622)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,393</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">OPH</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>19,262</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,700)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,150)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>11,412</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>63,281</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,236)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10,783)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(30,307)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,150)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>16,805</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2)</B></TD><TD><B><U>Earnings (loss) information:</U></B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three
    month period ended</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine
    month period ended</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 45%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    in associates </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,813)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">223</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,083)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    in 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: 9pt">(2,280)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(579)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,292)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,700)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,225)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(6,392)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,073)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10,783)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(*) Corresponding to the sale of Parklet's equity
stake in May&nbsp;2025 (see Note 1.a).</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>TELECOM ARGENTINA
S.A.</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>



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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="f_003"></A><FONT STYLE="font-size: 10pt"><B>NOTE 3 &ndash; GOODWILL</B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 60%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,113,535</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,100,679</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,755</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decreases
    <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,705</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,948)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,122,236</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,110,486</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Correspond to the sale of Parklet's equity stake in May&nbsp;2025.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="f_004"></A><FONT STYLE="font-size: 10pt"><B>NOTE 4 &ndash; PP&amp;E</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 58%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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; font-size: 9pt"><B><U>September&nbsp;30,</U></B></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; font-size: 9pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E
    </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">6,056,153</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,337,858</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allowance
    for obsolescence and impairment of materials</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(41,675)
    </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(39,346)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accumulated
    impairment of others PP&amp;E</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(16,323)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,761)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,998,155</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,281,751</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 58%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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; font-size: 9pt"><B><U>2025</U></B></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; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt"><B>5,337,858</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,098,937</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisitions
    through business combination <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">929,420</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,706</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAPEX</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">761,169</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">452,328</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">60,060</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(202,334)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    carrying value of decreases</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(11,646)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(647)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reclassified
    to Assets classified as held for sale <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(2,792)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,631)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation
    of the period</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(1,017,916)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(933,214)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,056,153</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,439,145</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(*) For September&nbsp;30, 2025, it corresponds
to the acquisition of TMA (see Note 16). For September&nbsp;30, 2024, it corresponds to the acquisition of Naperville.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(**) Corresponds to properties that the Company
has considered available for sale and meet the requirements of IFRS 5 for their classification.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Movements in the
allowance for obsolescence and impairment of materials are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 56%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt"><B>(39,346)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(58,412)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Increases)
    / Decreases</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(2,103)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,541</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(226)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">650</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(41,675)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(49,221)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Movements in the
accumulated impairment of others PP&amp;E are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 56%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt"><B>(16,761)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(6,585)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Decreases</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">438</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,423</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(16,323)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,162)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>TELECOM ARGENTINA
S.A.</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>



<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><A NAME="f_005"></A><FONT STYLE="font-size: 10pt"><B>NOTE
5 &ndash; INTANGIBLE ASSETS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 57%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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; font-size: 9pt"><B><U>September&nbsp;30,</U></B></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; font-size: 9pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intangible
    assets </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">2,703,421</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,403,037</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Impairment
    allowance</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(90,447)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(90,104)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,612,974</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,312,933</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Movements in Intangible assets (without
considering the impairment allowance) are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 59%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt"><B>2,403,037</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,497,530</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisitions
    through business combination (*)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">363,205</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CAPEX</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">88,201</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,812</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">2,751</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,708)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization
    of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(153,773)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(106,453)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,703,421</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,418,181</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(*) See Note 16.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The evolution of the provision for impairment
of intangible assets is as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 57%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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; font-size: 9pt"><B><U>2025</U></B></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; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balances
    at the beginning of the fiscal year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(90,104)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(90,085)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(343)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Balances
    at the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(90,447)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(90,085)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><A NAME="f_006"></A><B>NOTE 6 &ndash; RIGHT OF USE ASSETS</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Movements in right of use assets are
as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 57%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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; font-size: 9pt"><B><U>2025</U></B></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; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the beginning of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt"><B>599,242</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>572,872</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisitions
    through business combination <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">142,542</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">140,390</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">218,871</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    carrying value of decreases</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(5,286)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(698)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency
    translation adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">6,788</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19,217)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amortization
    of the period</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">(190,881)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(185,262)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At
    the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>692,795</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>586,566</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">(*) See Note 16.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><A NAME="f_007"></A><B>NOTE 7 &ndash; BORROWINGS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 60%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt"><B><U>September&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: 9pt"><B><U>December&nbsp;31,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Current</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank
    overdrafts &ndash; principal </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">255,896</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">150,561</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank
    and other financial entities loans &ndash; principal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">186,761</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">172,370</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes
    &ndash; principal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">526,104</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">793,618</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loans
    for purchase of equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">11,917</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,855</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    and related expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">452,771</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">183,975</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,433,449</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,308,379</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-current</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes
    &ndash; principal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">2,060,921</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,591,161</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank
    and other financial entities loans &ndash; principal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">537,764</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">166,068</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loans
    for purchase of equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">15,917</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,668</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest
    and related expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt">1,072,873</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">434,910</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,687,475</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,201,807</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    borrowings</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&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: 9pt"><B>5,120,924</B></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: 9pt"><B>3,510,186</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

<!-- Field: Split-Segment; Name: 004 -->
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 38%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Cash items </U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-cash items</U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Total</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; 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: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,510,186</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds from borrowings &ndash; principal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,337,419</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,337,420</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuance costs payable</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,530)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,530)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payment of borrowings &ndash; principal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,273,170)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,273,170)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Repurchase of Notes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,917)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(13,917)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payment of interests and related expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(293,291)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(293,291)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payment of DFI</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,764)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(13,764)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceed from bank overdrafts net of payment (*)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">152,612</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>152,612</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accrued interest and other financial cost</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">256,863</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>256,863</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency exchange gains </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">444,152</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>444,152</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,363</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>15,363</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; 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: 9pt"><B>Total at 09.30.25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>895,889</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>714,849</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,120,924</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(*) Includes $(294) million as of September&nbsp;30,
2025 related to payment of bank overdrafts.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 38%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Cash items </U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Non-cash items</U></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Total</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; 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: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,652,093</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceeds from borrowings &ndash; principal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">827,407</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,817</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>843,224</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Issuance costs payable</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(215)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(215)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payment of borrowings &ndash; principal</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,076,214)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,076,214)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Repurchase of Notes</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,233)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(25,233)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payment of interests and related expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(326,472)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(326,472)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payment of DFI</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,879)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,879)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Proceed from bank overdrafts net of payment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">282,887</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>282,887</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accrued interest and other financial cost</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">229,480</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>229,480</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency exchange losses </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,005,574)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,005,574)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(58,823)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(58,823)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; 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: 9pt"><B>Total at 09.30.24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(323,504)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,819,315)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,509,274</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Recent developments of Borrowings for the nine-month
period ended September&nbsp;30, 2025, are detailed below:</P>

<P STYLE="font: 10pt Calibri, 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"><B>a)</B></TD><TD STYLE="text-align: justify"><B>Notes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-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>
    <TD STYLE="padding-bottom: 5pt; font-size: 9pt; width: 6%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Series</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 9pt; width: 10%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Currency</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 9pt; text-align: center; width: 13%; border-top: black 2.25pt double; border-right: 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: 9pt"><B>Amount<BR>
    involved<BR>
    (in millions)</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 9pt; width: 10%; border-top: black 2.25pt double; border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Issuance<BR>
    date</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 9pt; width: 8%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Maturity<BR>
    date</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 9pt; width: 24%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Amortization</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 9pt; width: 16%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Interest
    rate</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; font-size: 9pt; width: 13%; border-top: black 2.25pt double; border-right: black 2.25pt double; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Interest<BR>
    payment<BR>
    date</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD ROWSPAN="2" STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 2.25pt double; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">US$</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">800<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">05/2025</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;05/2033</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
    two installments:<BR>
    (i)&nbsp;50% in 05/2032 and <BR>
    (ii)&nbsp;50% in 05/2033</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.25%</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding: 4pt 3.5pt 6pt; border-right: black 2.25pt double; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Semiannual
    basis</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">200<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">07/2025</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">05/2033</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 2.25pt double; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">US$</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50.5<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">07/2025</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">07/2027</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
    one installment at maturity date &nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.50%</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 2.25pt double; border-bottom: black 1pt solid; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarterly
    basis</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; border-left: black 2.25pt double; border-bottom: black 2.25pt double; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; white-space: nowrap; border-bottom: black 2.25pt double; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; border-bottom: black 2.25pt double; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,962</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; border-bottom: black 2.25pt double; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">07/2025</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; border-bottom: black 2.25pt double; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">07/2026</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; border-right: black 1pt solid; border-bottom: black 2.25pt double; font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
    one installment at maturity date &nbsp;</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; border-bottom: black 2.25pt double; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TAMAR
    plus 4%</FONT></TD>
    <TD STYLE="padding: 4pt 3.5pt 6pt; font-size: 9pt; border-right: black 2.25pt double; border-bottom: black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Quarterly
    basis</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The Company issued Notes for a nominal value of US$800 million. Since the issuance was made below par,
the amount involved was US$789 million and the Company received net proceeds of US$785 million (equivalent to $980,320 million in current
currency as of September&nbsp;30, 2025), which were used to prepay part of the loans obtained for the acquisition of TMA.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">It corresponds to additional issuance of Series&nbsp;24 Notes issued in May, 2025. This additional subscription
price was above par, so the amount involved was US$208 million (equivalent to $279,072 million in current currency as of September&nbsp;30,
2025), which, net of issuance expenses, amount to US$207 million (equivalent to $277,711 million in current currency as of September&nbsp;30,
2025).</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Equivalent to $60,275 million in current currency as of September&nbsp;30, 2025.</TD></TR></TABLE>

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

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 10pt Calibri, 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"><B>b)</B></TD><TD STYLE="text-align: justify"><B>Bank and other financing entities loans</B></TD></TR></TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Loans related
to the acquisition of TMA</U></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The acquisition
of TMA, described in Note 16, was financed through two loans totaling US$1,170 million (net of issuance costs US$ 1,142 million, equivalent
to $1,412,300 million in current currency as of September&nbsp;30, 2025).</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Its main characteristics
are:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Entities</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 2.25pt double; 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>Principal<BR>
 residual<BR>
 nominal value</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 2.25pt double; 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>Residual<BR>
 Nominal Capital</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Maturity<BR>
 date</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Amortization</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest <BR>
rate</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Spread</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest<BR>
 payment<BR>
 date</B></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"><B>(in millions)</B></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"><B>(in millions)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Syndicated loan <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">970</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">151</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02/2029</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In one installment at maturity date</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Variable annual rate: SOF 3 months</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Between 4.00% and 7.00%</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly basis</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; border-left: Black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bilateral loan <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; white-space: nowrap; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Between 02/2028 and 02/2030</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Semiannually from 02/2028</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-bottom: Black 2.25pt double; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Variable annual rate: SOF 3 months</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.00%</FONT></TD>
    <TD STYLE="padding: 3pt 3.5pt; border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly basis</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">An unsecured syndicated loan granted by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank AG, London
Branch and Banco Santander, S.A.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">An unsecured bilateral loan granted by Industrial and Commercial Bank of China (Argentina) S.A.U., governed
by Argentine law.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On May&nbsp;29,
2025 the Company applied proceeds from Notes Series&nbsp;24 to: (i)&nbsp;prepay a principal amount equal to US$650 million and interest
equal US$0.3 million under the Syndicated Loan (equivalent to $828,858 million in current currency as of September&nbsp;30, 2025) and,
(ii)&nbsp;prepay a principal amount equal to US$134 million and interest equal to US$0.1 million under the Bilateral Loan (equivalent
to $170,610 million in current currency as of September&nbsp;30, 2025). As of September&nbsp;30, 2025 the outstanding balance of these
loans amounts to $215,692 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On July&nbsp;30,
2025, the Company applied the funds from the reopening of Notes Series&nbsp;24 to: (i)&nbsp;prepay a principal amount equivalent to US$168.8
million and interest equivalent to US$2.8 million under the Syndicated Loan (equivalent to $234,604 million in current currency as of
September&nbsp;30, 2025) and, (ii)&nbsp;prepay an amount of principal equivalent to US$34.8 million and interest equivalent to US$0.6
million under the Bilateral Loan (equivalent to $47,422 million in current currency as of September&nbsp;30, 2025).</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">These loans establish,
among other provisions, the obligation to comply with certain financial ratios, which are calculated based on contractual definitions,
on a quarterly basis, along with the presentation of the Company&rsquo;s consolidated financial statements: i) &ldquo;Net Debt/EBITDA&rdquo;
and ii) &ldquo;EBITDA/Interest Net&rdquo;.</FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Other bank loans</U></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="width: 23%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Entities</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 2.25pt double; 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>Principal residual<BR>
 nominal value</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Maturity date</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 20%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Amortization</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest rate</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-top: Black 2.25pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Spread</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: Black 2.25pt double; border-right: Black 2.25pt double; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest<BR>
 payment<BR>
 date</B></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"><B>(in millions)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Banco Macro S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">$</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">100,000</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">07/2028 </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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">In three installments:</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-33.33% in July, 2026</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-33.33% in July, 2027</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-33.34% in July, 2028</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">TAMAR</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">6.60%</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly basis</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Banco BBVA Argentina S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">$</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">50,000</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">01/2028</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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">In three installments:</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-33.33% in January, 2027</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-33.33% in July, 2027</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-33.34% in January, 2028</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">TAMAR</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">3.85%</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly basis</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Industrial and Commercial Bank of China (Argentina) S.A.U. </FONT></TD>
    <TD STYLE="white-space: nowrap; 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">RMB</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">930<SUP>(1)</SUP></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">07/2028</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: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">In three installments:</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-33.33% in January, 2028</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-33.33% in April, 2028</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">-33.34% in July, 2028</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">Fixed 6.15%</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">n/a</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly basis</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Banco Naci&oacute;n</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">$</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">25,000</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">08/2026</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">Fixed 47.75%</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">n/a</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 2.25pt double; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In one installment at maturity date</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 2.25pt double; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank of China Limited <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RMB</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">530</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">09/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In one installment at maturity date</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed 4.8%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="border-right: Black 2.25pt double; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Semiannual</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">basis</P></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">Equivalent to $171,179 million in current currency as of September&nbsp;30,
2025</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">A credit line of up to RMB 1,065 million. As of September&nbsp;30, 2025,
the first tranche was received for RMB 530 million, equivalent to $110,026 million in current currency as of September&nbsp;30, 2025 (RMB
516.7 million net of issuance costs, equivalent to $107,262 million in current currency as of September&nbsp;30, 2025). This loan establishes,
among other provisions, the obligation to comply with certain financial ratios, which are calculated based on contractual definitions,
on a quarterly basis, along with the presentation of the Company&rsquo;s consolidated financial statements: i) &ldquo;Net Debt/EBITDA&rdquo;
and ii) &ldquo;EBITDA/Interest Net&rdquo;.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Compliance
                                            with covenants</B></FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of the date of issuance of these unaudited condensed
consolidated financial statements, the Company complies with: a) the EBITDA/ Interest Net ratio and b) the Net Debt/EBITDA ratio established
in the loan agreements in force as of September&nbsp;30, 2025, and is also in compliance with the rest of the covenants established.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="f_008"></A><FONT STYLE="font-size: 10pt"><B>NOTE 8 &ndash; INCOME TAX AND DEFERRED
INCOME TAX ASSETS/LIABILITIES</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Movements in income
tax liabilities are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 60%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(5,562)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,149)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current income tax expense</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(145,789)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(28,975)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisitions through business combination <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,098)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,892</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,764</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM and currency translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,471</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,609</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax withholdings and offset tax credit</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,288</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,002</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(40,700)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,847)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Movements in Deferred Income tax assets/(liabilities),
net are as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 60%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,680,382)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,188,088)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases in Deferred tax</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">210,198</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(527,162)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Currency translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,309</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,006)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other comprehensive income</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,079)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,409</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisitions through business combination <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">365,887</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(47)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,104,067)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,719,894)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net deferred tax assets </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>375,054</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>35,798</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;Net deferred tax liabilities </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,479,121)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,755,692)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">(*) See Note 16.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of September&nbsp;30, 2025, Telecom and some
subsidiaries have cumulative tax loss carryforwards of $153,428 million, that represents a deferred tax asset of $53,343 million.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 71%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income before income tax</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(336,952)</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,810,350</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-taxable items &ndash; Earnings (Losses) from associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,073</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,783</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-taxable items &ndash; Other</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,375)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,837</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Restatement in current currency of Equity, goodwill and other</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">653,847</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,159,130</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>314,593</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,986,100</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average statutory income tax rate</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30.83%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34.48%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income tax expense at statutory tax rate of each company</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(97,003)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,029,552)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred tax liability restatement in current currency and other</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">471,843</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,506,339</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax inflation adjustment</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(299,279)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,029,111)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax on cash dividends of foreign companies</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,152)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,813)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income tax benefit (expense) <SUP>(*)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>64,409</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(556,137)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current tax </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(145,789)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(28,975)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred tax </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">210,198</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(527,162)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income tax benefit (expense)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>64,409</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(556,137)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(*) Includes $(972) million and $3,572 million for
the nine-month periods ended September&nbsp;30, 2025 and 2024, respectively, corresponding to adjustments made in the respective 2024
and 2023 tax returns. It also includes $282 million for the nine-month period ended September&nbsp;30, 2024, related to a creditable withholding
originated in the subsidiary MFH, which is not an income tax liable entity.</P>

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

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="f_009"></A><B>NOTE 9 &ndash; PROVISIONS AND ALLOWANCES</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The evolution of the allowances deducted
from the asset is detailed below:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Trade receivables</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Other receivables</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Inventories</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 45%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.25</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.24</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.25</U></B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.24</U></B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.25</U></B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.24</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(115,535)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(93,287)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,645)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,658)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(9,494)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,630)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(97,299)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(77,335)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,498)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,101)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,167)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,351)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisitions through business combination <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(120,152)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(161)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Uses and others</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36,959</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,351</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">735</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,112</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">979</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">277</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM and currency translation adjustments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36,988</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,058</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">230</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,378</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the end of the period</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(259,039)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(101,374)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,178)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,269)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(14,696)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(6,704)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(*) See Note 16.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The evolution of provisions as of September&nbsp;30,
2025, and 2024 is as follows:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Legal Claims and <BR>
contingent liabilities</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Asset retirement<BR>
 obligations</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Total provisions</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 35%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.25</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.24</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.25</U></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.24</U></B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.25</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>09.30.24</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current provisions</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,737</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>14,184</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,737</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>14,184</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increases - Principal</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">514</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,621</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">514</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,621</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisitions through business combination <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,072<SUP>(**)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,764</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,836</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45,162)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26,533)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,493)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(46,655)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26,533)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reclassifications from non-current</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">97,377</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,383</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,749</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">101,126</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,383</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM, currency translation adjustments and others</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,295)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,146)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(984)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,279)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,146)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total current provisions</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>67,243</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,509</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,036</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>72,279</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,509</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 35%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current provisions</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>At the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>27,818</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>34,016</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>36,641</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>35,350</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>64,459</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>69,366</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital - Other operating costs, 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: 9pt">27,812</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,420</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,812</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,420</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital - Right-of-use 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: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,577</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,104</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,577</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,104</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Increase - Other interest, 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: 9pt">50,481</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,574</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,704</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,185</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,574</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisitions through business combination <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">179,294<SUP>(**)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,272</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56,078</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">235,372</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,272</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payments</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(340)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,336)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(340)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,336)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reclassifications to current</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(97,377)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,383)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,749)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(101,126)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,383)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM, currency translation adjustments and others</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(27,418)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,833)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,094)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,774)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(43,512)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35,607)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total non-current provisions</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>160,270</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>32,730</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>91,157</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>39,680</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>251,427</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>72,410</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total provisions</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>227,513</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>37,239</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>96,193</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>39,680</B></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: 9pt"><B>323,706</B></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: 9pt"><B>76,919</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(*) See Note 16.</P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(**) TMA is subject to various lawsuits and claims in labor, tax, regulatory,
and other matters, considered in the course of its ordinary business. Information on legal claims and contingent liabilities by their
nature is detailed below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 55%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 71%; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Labor contingencies</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 29%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">148,956</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tax contingencies</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,632</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Civil and regulatory contingencies</FONT></TD>
    <TD STYLE="white-space: nowrap; 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">38,778</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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>193,366</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Labor contingencies mainly derive from:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Joint and several liabilities in labor matters;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Occupational accidents and diseases; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Salary differences and other compensation payments.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Tax contingencies mainly derive from
claims from ARCA, provincial tax authorities and municipalities. In this case, they primarily relate to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Municipal fees; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">National and provincial taxes.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Civil
and regulatory contingencies relate to civil, commercial, administrative litigation, regulatory, and other matters. In this case, they
primarily relate to:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">damages;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">regulatory claims;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">claims relating to accountability; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">fines imposed by regulatory authorities.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Given the nature of the risks covered by these provisions,
it is not possible to precisely determine the probable dates of potential payments.</P>

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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In addition to the aforementioned contingencies,
there are other claims filed against TMA by different customer associations related to the industry and market common issues, some of
which are in their initial stages. Considering the time elapsed since the acquisition, these claims are being analysed for the purpose
of making an appropriate estimation and valuation to be considered in the final allocation of the PPA within the timeframes provided by
IFRS 3, given that these estimations involve significant judgments that require more time and additional information for their final allocation.
However, based on this preliminary assessment, the final impact of these contingencies, if they occur, is not expected to significantly
affect the Company's financial position, results of operation or liquidity.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="f_010"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTE
10 &ndash; ADDITIONAL INFORMATION OF FINANCIAL ASSETS AND LIABILITIES</B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><U>Financial
assets and liabilities denominated in foreign currencies </U></I></B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&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">Financial
assets and liabilities denominated in foreign currencies as of September&nbsp;30, 2025, and December&nbsp;31, 2024 are the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>09.30.25</B></FONT></TD>
    <TD STYLE="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>12.31.24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>In equivalent millions of Argentine pesos</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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: 9pt">913,783</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">433,555</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Liabilities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,346,866)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,205,208)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Liabilities</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(4,433,083)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,771,653)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table presents financial assets and
liabilities that are offset as of September&nbsp;30, 2025, and December&nbsp;31, 2024:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As of September&nbsp;30, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current and non-current assets (liabilities) - Gross value</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">780,142</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">63,017</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(982,072)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22,125)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Offsetting</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,392)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,498)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,392</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,498</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current and non-current assets (liabilities) &ndash; Book value </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>777,750</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>58,519</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(979,680)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(17,627)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As of December&nbsp;31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other receivables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Trade payables</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current and non-current assets (liabilities) - Gross value</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">381,583</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,573</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(582,508)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(25,707)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Offsetting</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(20,046)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,333)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,046</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,333</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current and non-current assets (liabilities) &ndash; Book value </B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>361,537</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>24,240</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(562,462)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(21,374)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><U>Fair
value hierarchy and other disclosures</U></I></B></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
                                            1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets
                                            or liabilities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
                                            2: Fair value determined based on inputs other than quoted prices included within Level 1
                                            that are observable for the asset or liability, either directly (e.g. as prices) or indirectly
                                            (e.g. derived from prices).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
                                            3: Fair value determined by unobservable inputs where the reporting entity is required to
                                            develop its own assumptions.</FONT></TD></TR></TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Financial assets and liabilities recognized at
fair value as of September&nbsp;30, 2025, and December&nbsp;31, 2024, and the level of hierarchy are listed below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; width: 64%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As of September&nbsp;30, 2025</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mutual Funds <SUP>(1)&nbsp;(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">132,709</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">132,709</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government bonds <SUP>(1)&nbsp;(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">288,341</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">288,341</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: Compensation received for company acquisitions <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,274</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,274</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: DFI <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,529</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,529</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: Compensation received for company acquisitions <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,873</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,873</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3.5pt 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>421,050</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,676</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>425,726</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities: Debt for acquisition of NYSSA <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">782</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">782</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2.5pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>782</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>782</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As of December&nbsp;31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level
    1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level
    2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mutual Funds <SUP>(1)&nbsp;(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">113,621</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">113,621</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Government bonds <SUP>(1)&nbsp;(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,887</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,887</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: Compensation received for company acquisitions <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,316</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,316</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables: Compensation received for company acquisitions <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,948</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,948</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3.5pt 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>127,508</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,264</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>131,772</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities: Debt for acquisition of NYSSA <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">784</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">784</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Non-current Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities: Debt for acquisition of NYSSA <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">733</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">733</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3.5pt 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,517</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,517</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font-size: 3pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">The Mutual funds are included in Cash and cash equivalents,&nbsp;Investments
and Guarantee of financial operations included in Other receivables. The Government bonds are included in Investments.</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The fair value is based on information obtained from active markets and corresponds to quoted market prices
as of period-end. A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide
pricing information on an ongoing basis.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 9pt">(3)</TD><TD STYLE="text-align: justify">The fair value was determined by the variation between the quoted values of certain public securities
in foreign currency and Argentine pesos.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 9pt">(4)</TD><TD STYLE="text-align: justify">DFI for forward purchases of US dollars, calculated by the variation between the market prices at the
end of the period and the time of agreement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In relation to the fair values set forth above,
as of September&nbsp;30, 2025, 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, 2024.</P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of September&nbsp;30, 2025, the fair value of
borrowings is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; width: 63%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Carrying Value</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Fair Value</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; width: 3%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,810,334</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,641,694</FONT></TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other borrowings</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,310,590</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,332,463</FONT></TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,120,924</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>4,974,157</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 9pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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    <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 -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left"><B>&nbsp;</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">a)</TD><TD STYLE="font-size: 10pt; text-align: justify">The fair value of Notes traded in active markets was measured based on quoted market prices at the end
of the reporting period. As a result, its valuation classifies as Level 1.</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">b)</TD><TD STYLE="font-size: 10pt; text-align: justify">The fair value of Notes that are not traded in an active market was measured based on quotes provided
by first-tier financial entities, so their valuation qualifies as Level 2.</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">c)</TD><TD STYLE="font-size: 10pt; text-align: justify">For the rest of the borrowings, the fair values were calculated based on cash flows discounted using a
current lending rate, so as they are classified as level 3.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="f_011"></A><B>NOTE 11 &ndash; PURCHASE COMMITMENTS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of September&nbsp;30, 2025 and December&nbsp;31,
2024, the Company has entered into various purchase commitments with domestic and from abroad amounting to approximately $1,064,194 million
and $1,209,381 million, respectively (of which $287,552 million and $231,313 million corresponds to Fixed and intangible assets commitments,
respectively). 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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="f_012"></A><B>NOTE 12 &ndash; REVENUES</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three month period ended</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine month period ended</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; width: 44%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mobile Services</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,035,232</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">528,354</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,735,909</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,521,775</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Internet Services </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">446,089</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">338,231</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,235,080</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">955,895</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cable Television Services </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">221,680</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">186,059</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">631,457</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">545,155</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed and Data Services</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">258,358</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">144,281</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">676,563</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">471,251</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other services revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,312</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,846</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,296</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,057</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Subtotal services revenues</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,977,671</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,210,771</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,327,305</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,534,133</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-bottom: 1pt; font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equipment revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87,540</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84,587</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">295,256</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">224,032</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,065,211</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,295,358</B></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,622,561</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,758,165</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="f_013"></A><B>NOTE 13 &ndash; OPERATING EXPENSES</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three month period ended</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine month period ended</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 44%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="width: 4%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Cost of equipment </U></B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Profit (loss)</U></B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventory balance at the beginning of the year <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(137,589)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(68,219)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(83,216)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(87,371)</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Plus:</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acquisitions through business combination <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(72,074)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchases</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,952)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(74,686)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(175,944)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(172,809)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,949</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,721</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,888</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,893</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less:</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventory balance at the end of the period <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">101,606</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76,667</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">101,606</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76,667</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 2.5pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(67,986)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(64,517)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(224,740)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(173,620)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(*) Without considering allowance for obsolescence.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(**) See Note 16.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating expenses disclosed by function of expense
amounted to $5,270,240 million and $3,898,310 million for the nine-month period ended September&nbsp;30, 2025, and 2024, respectively
are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="white-space: nowrap; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-bottom: 2pt; width: 44%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Concept</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2pt; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; 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>Operating<BR>
    costs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2pt; border-bottom: Black 1pt solid; 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"><B>Adminis-<BR>
    tration costs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2pt; border-bottom: Black 1pt solid; 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"><B>Commercia-<BR>
    lization costs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2pt; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; 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>Other<BR>
    expenses</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2pt; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; 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>Total<BR>
    09.30.25</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2pt; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; 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>Total<BR>
    09.30.24</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(651,736)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(329,526)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(377,353)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,358,615)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(915,085)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interconnection
    costs and transmission costs</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(200,813)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(200,813)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(112,382)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(262,718)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(162,172)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(289,663)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(714,553)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(506,572)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(478,405)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,166</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,776)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(485,015)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(293,654)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(297,533)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(297,533)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(204,778)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(224,740)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(224,740)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(173,620)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(266,780)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(266,780)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(212,992)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(97,299)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(97,299)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(77,335)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    operating expenses, net</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(158,003)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(56,262)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(46,561)</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(260,826)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(178,313)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation,
    amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1,152,212)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(141,267)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(70,648)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">61</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,364,066)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,223,579)</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    as of 09.30.25</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,395,407)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(688,061)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,186,833)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>61</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(5,270,240)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total
    as of 09.30.24</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,580,193)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(487,329)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(832,139)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,351</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; 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; font: 8pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,898,310)</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="f_014"></A><B>NOTE 14 &ndash; FINANCIAL RESULTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Three month period ended</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>Nine month period ended</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>September&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; width: 52%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; width: 4%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="font-size: 9pt; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><U>2024</U></B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interests on borrowings <SUP>(*)</SUP></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(120,826)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(36,325)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(259,558)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(114,808)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Remeasurement in borrowings <SUP>(**)</SUP></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,071</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,117)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,695</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(114,464)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency exchange gains (losses) on borrowings <SUP>(***)</SUP></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(325,078)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">160,049</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(422,296)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,005,495</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Results from renegotiation of financial debts</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,646</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,646</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Results from repurchase of ON</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">495</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">495</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; 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="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(444,833)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>121,748</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(679,159)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,779,364</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fair value gains (losses) on financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,547</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(36,675)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,017)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(58,949)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other foreign currency exchange gains (losses)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,160</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,180)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,308</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">220,575</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other interests, net </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35,051)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,404</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,397)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,550</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other taxes and bank expenses</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26,483)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(37,951)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(82,437)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(110,619)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial expenses on pension benefits</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,378)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(869)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,726)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,102)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial discounts on assets, debts and others</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,363)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,771)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,899)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29,914)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,418</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,922</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,127</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">143,373</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total other financial results, net</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(12,150)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(60,120)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(6,041)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>181,914</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total financial results, net</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(456,983)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>61,628</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(685,200)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,961,278</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(*) Includes $208 million corresponding to net
income generated by DFI for the nine-month period ended September&nbsp;30, 2024. Includes $(1,840) million corresponding to net loss
generated by DFI for the three-month period ended September&nbsp;30, 2024.</P>

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

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(***) Include $21,856 million and $(79) million
corresponding to net exchange differences generated by DFI for the nine-month periods ended September&nbsp;30, 2025, and 2024, respectively.
Include $19,041 million and $565 million corresponding to net exchange differences generated by DFI for the three-month periods ended
September&nbsp;30, 2025, and 2024, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><A NAME="f_015"></A><B>NOTE 15 - BALANCES AND TRANSACTIONS WITH RELATED PARTIES</B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">CVH is the
controlling company of Telecom Argentina.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Balances
                                            with Related parties </B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Associates
                                            and joint venture</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; white-space: nowrap; 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="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    receivables</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; width: 39%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; width: 18%; 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">93</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; width: 18%; 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">56</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1pt 3.5pt 2.5pt; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 1pt 3.5pt 2.5pt; white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; 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"><B>93</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 1pt; 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"><B>56</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; white-space: nowrap; 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="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    payables</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">La
    Capital Cable</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Associate</FONT></TD>
    <TD STYLE="padding-top: 1pt; 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">373</FONT></TD>
    <TD STYLE="padding-top: 1pt; 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">252</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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">1,675</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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">581</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,048</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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>833</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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">3,672</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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>3,672</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; white-space: nowrap; 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="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    liabilities</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Joint
    venture</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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">3,361</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; 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>3,361</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Other
                                            Related parties</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; 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="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>September&nbsp;30,</U></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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="font-size: 10pt">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    receivables</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>2025</U></B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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></TR>
  <TR STYLE="font-size: 10pt">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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">2,436</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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">2,287</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; width: 39%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; width: 18%; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,436</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; width: 18%; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,287</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    receivables</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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">3</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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">773</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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>3</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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>773</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; 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="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Trade
    payables</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    related parties</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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">13,075</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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">14,812</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-top: 1pt; font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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>13,075</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 10pt; 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>14,812</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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-size: 10pt"><B>c)</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Transactions with Related parties</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Associates
                                            and joint ventures</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; white-space: nowrap; 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-bottom: 1pt; border-bottom: Black 1pt solid; 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>Transaction</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; 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>Kind
    of related <BR>
party</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Nine
    month period ended<BR>
 September&nbsp;30,</U></B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 18%; 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; width: 40%; 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; width: 16%; 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; 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><U>2025</U></B></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"><B><U>2024</U></B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</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><U>Profit
    (loss)</U></B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</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><U>Revenues</U></B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 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">Services
    revenues and other revenues</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">Associate</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">99</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">188</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 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">Services
    revenues and other revenues</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">Associate</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">-</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">65</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OPH</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">Services
    revenues and other revenues</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">Joint
    venture</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">503</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">298</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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; 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 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>602</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>551</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</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><U>Operating
costs </U></B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 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">Fees
    for services</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">Associate</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">(1,599)</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">(962)</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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; 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-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>(1,599)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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>(962)</B></FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Other
                                            Related parties</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; padding-right: 3.5pt; padding-left: 3.5pt"><B>Transaction</B></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B><U>Nine
    month period ended<BR>
    September&nbsp;30,</U></B></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 19%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 55%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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"><B><U>2025</U></B></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"><B><U>2024</U></B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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><U>Profit (loss)</U></B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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><U>Revenues</U></B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other related parties</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">Services and advertising revenues</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">4,747</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">5,331</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,747</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,331</B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</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><U>Operating
costs </U></B></FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other related parties</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">Programming costs</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">(33,514)</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">(40,423)</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other related parties</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Editing and distribution of magazines</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">(2,895)</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">(3,998)</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other related parties</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">Advisory services</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">(8,650)</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">(4,839)</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other related parties</FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Advertising purchases</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">(2,212)</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">(1,689)</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other related parties</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">Other purchases and commissions</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">(7,968)</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">(4,756)</FONT></TD></TR>
  <TR STYLE="font: 8pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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>(55,239)</B></FONT></TD>
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; 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>(55,705)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The transactions discussed above were made on an
arm length transaction basis. When Telecom&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.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="f_016"></A><B>NOTE 16 &ndash; RECENT DEVELOPMENTS CORRESPONDING
TO THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2025</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>a)</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Business
                                            combination: &ldquo;Acquisition of TMA&rdquo;</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On February&nbsp;24, 2025 (the &ldquo;Acquisition
Date&rdquo;), the Company acquired 86,460,983,849 common shares of TMA, representing 99.999625% of its capital stock, acquiring control.
TMA is a company incorporated in the Republic of Argentina, providing mobile and fixed telephony, fixed broadband, and video services
on a national scale in Argentina.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The purpose of the acquisition was to enhance the
quality of existing services and to expand the coverage and capacity of both mobile and fixed networks.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The contractual purchase price for this transaction
was US$1,245 million ($1,539,116 million in current currency as of September&nbsp;30, 2025), which was settled in the following manner:
(a)&nbsp;by assuming a debt owed by the seller to TMA in the amount of US$126 million ($155,657 million in current currency as of September&nbsp;30,
2025); and (b)&nbsp;as consideration transferred (&ldquo;consideration paid&rdquo;), pursuant to IFRS 3, the remaining balance of US$1,119
million ($1,383,459 million in current currency as of September&nbsp;30, 2025), which was paid in cash using funds obtained from two loans
(See Note 7).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The assets and liabilities in millions recognized
as a result of the acquisition are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 75%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 40%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 31%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(In current currency at the <BR>
acquisition date)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 29%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(In current currency as<BR>
 of September&nbsp;30, 2025)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">149,678</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">174,418</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">88,434</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">103,051</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">335,696</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">391,183</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,289</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80,742</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61,851</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,074</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets classified as held for sale</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,366</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,757</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Deferred income tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">313,988</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">365,887</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">797,587</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">929,420</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">311,686</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">363,205</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Right of use assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">137,014</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">159,661</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment properties</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,764</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61,485</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(430,015)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(501,096)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries and social security payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(139,583)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(162,655)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other taxes payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(193,325)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(225,280)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leases liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(106,991)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(124,676)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(45,920)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,509)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(217,291)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(253,208)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net identifiable assets acquired</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,187,228</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,383,459</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The preliminary
fair value of the acquired trade receivables is $391,183 million in current currency as of September&nbsp;30, 2025. The gross contractual
amount for trade receivables due is $511,335 million, with a loss allowance of $120,152 million recognized on acquisition.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company's management
conducted a preliminary assessment of the PPA, based on which it recorded the acquisition in its financial statements. It should be noted
that this is a preliminary assessment, since the valuation of certain assets and liabilities involves significant judgments that require
additional time and information. Therefore, as of the date of these unaudited condensed consolidated financial statements, no goodwill
has been recognized. Once the PPA determination is completed, within the timeframes provided for by IFRS 3, any resulting effects will
be recognized.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Impact on Operations
for the period</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The acquired business
generated revenues from ordinary activities in the amount of $1,784,189 million and net loss in the amount of $11,633 million from the
acquisition date to September&nbsp;30, 2025. Had the acquisition been conducted as of January&nbsp;1, 2025, the revenues from ordinary
activities and net income contributed by the acquired business would have amounted to $2,296,314 million and $332,076 million, respectively,
(not including the effect of any reciprocal operations that may exist).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Regulatory Impact
of the Acquisition</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of the date of
these unaudited condensed consolidated financial statements, the Company has duly submitted the required filings in connection with the
acquisition of TMA and has initiated the necessary proceedings before CNDC and ENACOM in order to obtain, respectively, the approval
of the Argentine Secretariat of Industry and Trade (or any successor authority acting as the enforcement authority of Law No.&nbsp;27,442)
for the economic concentration resulting from the acquisition of TMA, and the approval of ENACOM for the change of control. The filing
with CNDC was made on March&nbsp;3, 2025, and the filing with ENACOM was made on March&nbsp;7, 2025, in both cases in accordance with
the applicable regulatory framework.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Both administrative
proceedings are currently pending. On March&nbsp;21, 2025, a Resolution has been issued by the Secretariat of Industry and Trade, whereby
it ordered, as a provisional measure pursuant to Article&nbsp;44 of Law No.&nbsp;27,442, that, for a period of six months or until the
Secretariat of Industry and Trade issues a decision regarding the approval, approval subject to conditions, or denial of the authorization
of the transaction pursuant to Article&nbsp;14 of such law, whichever occurs first, the Company must refrain from carrying out any legal,
corporate and/or commercial acts that would directly or indirectly result in the integration or consolidation of TMA&rsquo;s business
with that of the Company. This includes any initiative aimed at unifying or integrating the personnel of TMA and the Company, as well
as any exchange of competitively sensitive information with TMA, such as pricing and pricing strategies, costs and margins, business
plans and commercial strategies, customer and supplier information, investment plans, among others. The Company must also comply with
the reciprocal infrastructure sharing agreements entered into by the Company and TMA prior to the acquisition. The Resolution does not
alter the manner in which the Company and TMA operate, since the Acquisition Date, as they continue to be companies that conduct their
business independently, and each has its own Board of Directors and management.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On April&nbsp;6,
2025, the Company appealed this resolution before the Secretary of Industry and Commerce and the CNDC. The Company has also appealed
the note of the Secretary of Industry and Commerce dated March&nbsp;27, 2025, addressed to the CNDC, through which a monitoring agent
of the Company and TMA was appointed. On June&nbsp;5, 2025, the Company was notified of the decision of the Chamber III of the Federal
Court of Appeals on Civil and Commercial Matters, which resolved to grant the Company&rsquo;s appeal, and further ordering the Secretary
of Industry and Commerce to refrain from taking any measure contrary to such suspension.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition, on
June&nbsp;19, 2025, the Company was notified of a Resolution of the Secretary of Industry and Commerce, through which, the Company was
notified of the technical report issued by the CNDC, which constitutes the objection report under Article&nbsp;14 of Law No.&nbsp;27,442.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This report does
not represent a final resolution or the imposition of sanctions. Instead, it represents a procedural stage affording the parties the
opportunity to exercise their right of defense, submit responses, or propose commitments to mitigate possible anticompetitive consequences.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the
aforementioned resolution, the Secretary of Industry and Commerce granted the Company 15 days to submit any comments it deems appropriate
regarding the preliminary objection report issued by the CNDC; and/or propose remedies it deems appropriate to mitigate the competitive
effects outlined in the objection report. The Secretary also called for a special hearing to consider any such measures proposed by the
Company, with the date to be set by the CNDC in due course.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>
    <P STYLE="font: 2pt Courier New, Courier, Monospace; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company believes
that the objection report was issued and notified prematurely, at too early a stage of the process, without all the necessary and/or
relevant information and before all the relevant procedures set forth by Law No.&nbsp;27,442 were completed. The Company does not agree
with the preliminary conclusions expressed in the objection report and has focused on analyzing all CNDC statements therein and submitting
all presentations and technical data it deemed appropriate in response to the report (including information incorporated into Form&nbsp;F2,
which was submitted by the Company recently and is pending analysis by the CNDC).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On August&nbsp;5,
2025, the Company duly and timely responded to the Preliminary Objection Report issued by the CNDC. Together with that submission, and
without this being construed in any way as an acknowledgment that the transaction raises an antitrust concern, the Company expressed
its willingness to consider potential commitments to address the provisional concerns outlined in the Preliminary Objection Report, which,
if accepted by the CNDC and implemented by the Company, could constitute feasible remedies.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Subsequently, the
CNDC held the special hearing provided for under Article&nbsp;14 of Law No.&nbsp;27,442. The first hearing was held on September&nbsp;19,
2025, and the second on October&nbsp;6, 2025, at which time the CNDC resolved to adjourn the proceedings, with their resumption remaining
subject to the CNDC&rsquo;s assessment of the observations timely submitted by Telecom and the additional information requested from
third parties that was still pending submission to the CNDC.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company believes
that, under reasonable and normal market conditions, none of these proposed remedies would have a material adverse effect on the Company&rsquo;s
business or impair its ability to service its financial obligations.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company will
exercise all rights available to it to review or challenge any decisions that it considers to be inconsistent with applicable Argentine
law or the actual competitive conditions in each relevant market and jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Although there can
be no assurance regarding the outcome of the post closing review of the Acquisition by regulatory authorities, the Company and its legal
advisors, have strong arguments to support its position.</FONT></P>

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

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<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B>b)</B></FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Provisions
                                            of the Telecom Ordinary and Extraordinary Shareholders&rsquo; meeting </B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">At the Ordinary
and Extraordinary Shareholders&rsquo; Meeting held on April&nbsp;25, 2025, the shareholders of Telecom decided, amo</FONT>ng other:</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"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">To approve the Board of Directors&rsquo; proposal stated in current currency as of March&nbsp;31, 2025
using the National Consumer Price Index pursuant to CNV Resolution No.&nbsp;777/18 in connection with the Accumulated retained earnings
as of December&nbsp;31, 2024 for $1,234,786 million in current currency as of September&nbsp;30, 2025: (a)&nbsp;allocate the amount of
$60,069 million in current currency as of September&nbsp;30, 2025 to &ldquo;Legal Reserve&rdquo;; (b)&nbsp;allocate the amount of $1,174,717
million in current currency as of September&nbsp;30, 2025 to &ldquo;Voluntary reserve to maintain the Company's level of capital expenditures
and its current solvency level&rdquo;; (c)&nbsp;to reclassify the amount of $110,451 million in current currency as of September&nbsp;30,
2025 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;;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in">(ii)</TD><TD STYLE="text-align: justify">to delegate on the Board of Directors the power to reverse, before December&nbsp;31, 2025 the &ldquo;Voluntary
reserve to maintain the Company's level of capital expenditures and its current solvency level&rdquo; in an amount that allows distribution
of dividends in cash or in non-cash or any combination of both options, for up to the maximum amount of distribution of US$300 million.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><A NAME="f_017"></A><B>NOTE 17 &ndash; SUBSEQUENT EVENTS TO SEPTEMBER
30, 2025</B></P>

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

<P STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In relation to the credit line referred to in Note 7, on November&nbsp;7,
2025, the Company received from Bank of China Limited an additional disbursement in the amount of RMB 500 million (equivalent to $102,507
million), maturing in September&nbsp;2028.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 45%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 37%; 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="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; 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="font-size: 10pt; 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="font-size: 10pt; 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: 2pt StempelGaramondBold; margin: 0pt 0; text-align: right"><B><I>&nbsp;</I></B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="o_001"></A><B><U>OPERATING AND FINANCIAL REVIEW AND PROSPECTS
AS OF SEPTEMBER 30, 2025</U></B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 0.1in; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 0.25in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B><I>General considerations</I></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">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 September&nbsp;30, 2025.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The table below shows
the evolution of the national consumer price index (National CPI) and the Banco Naci&oacute;n U.S. dollar exchange rate used for the preparation
of this operating and financial review and prospects, discussed in Note 1.d) to the unaudited condensed consolidated financial statements:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 52%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>As of <BR>
September<BR>
30, 2024</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>As of <BR>
December&nbsp;31,<BR>
 2024</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>As of <BR>
September<BR>
30, 2025</U></B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">National Consumer Price Index (National CPI) <BR>
(December&nbsp;2016=100)</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,122.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,694.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">9,384.1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Variation in prices</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual / Interannual</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">209.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">117.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31.8%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated nine months</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">101.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.0%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated three months since June&nbsp;2024/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.0%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Banco Naci&oacute;n US$/$ exchange rate</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">970.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,032.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,380.0</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Variation in the exchange rate</U></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Annual / Interannual</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">177.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42.2%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated nine months</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33.7%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated three months since June&nbsp;2024/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.5%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">The National CPI has registered
an increase of 31.8% as of September&nbsp;30, 2025, as compared to September&nbsp;30, 2024.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As disclosed in Note 16.a) to the unaudited condensed
consolidated financial statements, on February&nbsp;24, 2025, the Company acquired 99.999625% of the capital of TMA, exercising control
over such company. Consequently, since then, the Company consolidates TMA, and, therefore, the Company's results for the nine and three
month periods ended September&nbsp;30, 2025, reflect the results generated by TMA from the acquisition date. Accordingly, our results
of operations for the nine and three-month periods ended September&nbsp;30, 2025, are not comparable to our results of operations for
the nine and three-month periods ended September&nbsp;30, 2024.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 3pt; font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>2.</I></B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B><I>Telecom&rsquo;s activities
                                            for the nine-month period ended September&nbsp;30, 2025 (&ldquo;9M25&rdquo;) and 2024 (&ldquo;9M24&rdquo;)</I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 98%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="padding-bottom: 1pt; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M24</B></FONT></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding-bottom: 1.5pt; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD COLSPAN="2" STYLE="font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Revenues</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,622,561</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,758,165</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,864,396</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>49.6</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Employee
    benefit expenses and severance payments</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,358,615)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(915,085)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(443,530)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48.5</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interconnection
    and transmission costs </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(200,813)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(112,382)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(88,431)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">78.7</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fees
    for services, maintenance, materials and supplies</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(714,553)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(506,572)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(207,981)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41.1</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taxes
    and fees with the Regulatory Authority</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(485,015)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(293,654)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(191,361)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65.2</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commissions
    and advertising</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(297,533)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(204,778)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(92,755)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45.3</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cost
    of equipment and handsets</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(224,740)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(173,620)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(51,120)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29.4</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Programming
    and content costs</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(266,780)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(212,992)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,788)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25.3</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bad
    debt expenses</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(97,299)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(77,335)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19,964)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25.8</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    operating expenses, net</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(260,826)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(178,313)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(82,513)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46.3</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation,
    amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,364,066)</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,223,579)</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(140,487)</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.5</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating
    income (loss)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>352,321</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(140,145)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>492,466</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,073)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,783)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,710</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(62.2)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(679,159)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,779,364</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,458,523)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,041)</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">181,914</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(187,955)</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income
    (loss) before income tax </B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(336,952)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,810,350</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,147,302)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax benefit (expense)</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64,409</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(556,137)</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">620,546</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income (loss) for the period</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(272,543)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,254,213</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,526,756)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income (loss) attributable to:</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling
    Company</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(289,156)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,236,724</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,525,880)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,613</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,489</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(876)</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5.0)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(272,543)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,254,213</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,526,756)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Earnings
    (loss) per share for income attributable to the Controlling Company - Basic and diluted (in Argentine pesos)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(134.26)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>574.24</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted
    EBITDA <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,716,387</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,083,434</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">632,953</FONT></TD>
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58.4</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="font-size: 8pt; width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="font-size: 8pt; text-align: justify"><FONT STYLE="font-size: 8pt">Adjusted
                                            EBITDA is a non-GAAP measure, defined as our net income, less income tax, financial results
                                            (Financial results from borrowings and other financial results, net), losses from associates
                                            and joint ventures, and depreciation, amortization and impairment of Fixed and intangible
                                            assets. For further information on the use of adjusted EBITDA, see &ldquo;Adjusted EBITDA&rdquo;.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">In
9M25, net loss amounted to $272,543 million (compared to a net income of $1,254,213 million in 9M24), representing (4.8)% of revenues
(compared to 33.4% of revenues in 9M24). The higher loss in 9M25 compared to 9M24 was mainly due to a decrease in financial results,
net of $2,646,478 million which was partially offset by an increase in operating income of $492,466 million and a lower income tax expense
of $620,546 million. The net income contributed by TMA amounted to $1,711 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 9M25, Adjusted
EBITDA totaled $1,716,387 million, representing <FONT STYLE="background-color: white">30.5</FONT>% of revenues. Adjusted EBITDA in 9M24
totaled $<FONT STYLE="background-color: white">1,083,434</FONT> million, representing 28.8% of revenues. The increase of $<FONT STYLE="background-color: white">632,953</FONT>
million in 9M25 compared to 9M24 was mainly due to the consolidation of the results of TMA, which contributed $441,608 million, along
with an increase of revenues.</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt; background-color: white">
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; width: 47%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mobile
    Services</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,735,909</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,521,775</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,214,134</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">79.8</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Internet
    Services </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,235,080</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">955,895</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">279,185</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29.2</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cable
    Television Services </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">631,457</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">545,155</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">86,302</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.8</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed
    and Data Services</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">676,563</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">471,251</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">205,312</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43.6</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    services revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,296</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,057</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,239</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.6</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; 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-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,327,305</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,534,133</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,793,172</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>50.7</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equipment
    revenues</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">295,256</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">224,032</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">71,224</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31.8</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Revenues</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5,622,561</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3,758,165</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,864,396</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 9pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>49.6</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">During 9M25 revenues
increased <FONT STYLE="background-color: white">49.6</FONT>% or $<FONT STYLE="background-color: white">1,864,396</FONT> million compared
to 9M24 amounting to $<FONT STYLE="background-color: white">5,622,561</FONT> million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase in
revenues was mainly due to the consolidation of TMA&rsquo;s results, which contributed $<FONT STYLE="background-color: white">1,762,192</FONT>
million of total revenues.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Services revenues
amounted to $<FONT STYLE="background-color: white">5,327,305</FONT> million in 9M25, representing a <FONT STYLE="background-color: white">50.7</FONT>%
increase compared to $<FONT STYLE="background-color: white">3,534,133</FONT> million in 9M24 and represented <FONT STYLE="background-color: white">94.7</FONT>%
of total revenues. Equipment revenues amounted to $295,256 million in 9M25 as compared to $224,032 million in 9M24, representing 5.3%
of total revenues.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The contribution
from the consolidation of TMA&rsquo;s results in services revenues and in equipment revenues amounted to $1,647,745 million and $114,447
million, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Revenues included
$<FONT STYLE="background-color: white">395,193</FONT> million and $<FONT STYLE="background-color: white">1,374,002</FONT> million in
9M25 and 9M24, respectively related to the effect generated by the restatement in current currency as of September&nbsp;30, 2025.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Consolidated revenues
for 9M25 and 9M24 are comprised as follows:</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Mobile services
revenues in 9M25 amounted to $<FONT STYLE="background-color: white">2,735,909</FONT> million (an increase of $<FONT STYLE="background-color: white">1,214,134</FONT>
million or <FONT STYLE="background-color: white">79.8</FONT>% as compared to 9M24), being the principal contributor to our total services
revenues for 9M25 (<FONT STYLE="background-color: white">51.4</FONT>% of services revenues in 9M25 as compared to 43.1% in 9M24). Mobile
internet services revenues accounted for <FONT STYLE="background-color: white">98</FONT>% of total Mobile service revenues in both 9M25
and 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in current currency as of September&nbsp;30, 2025, included in Mobile services revenues amounted to $<FONT STYLE="background-color: white">177,689</FONT>
million and $<FONT STYLE="background-color: white">556,653</FONT> million in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Mobile services
revenues in Argentina amounted to $<FONT STYLE="background-color: white">2,612,748</FONT> million (an increase of $<FONT STYLE="background-color: white">1,227,724</FONT>
million or <FONT STYLE="background-color: white">88.6</FONT>% as compared to 9M24).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This increase was
mainly due to the consolidation of TMA&rsquo;s results, which contributed $<FONT STYLE="background-color: white">1,052,077</FONT> million.
The mobile customers for the segment &ldquo;ICT Services provided in Argentina &ndash; TMA Networks&rdquo; amounted to 19.1 million as
of September&nbsp;30, 2025, representing a 1.0% increase since the acquisition date. Prices remained in line with the accumulated inflation
since the acquisition date.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the increase was mainly due to a 13.6% increase in the ARPU (average revenue per user), partially offset
by a 5% decrease in the number of customers.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The ARPU for the
segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Networks&rdquo; amounted to $<FONT STYLE="background-color: white">8,171.1</FONT>
in 9M25 (compared to $<FONT STYLE="background-color: white">7,192.5</FONT> in 9M24). The increase in ARPU is due to higher prices and
less discounts granted during 9M25. The effect generated by the restatement in current currency as of September&nbsp;30, 2025, included
in ARPU amounted to $605.7 and $2,608.1 in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our mobile customers
for the segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Networks&rdquo; amounted to 20.3 million and 21.4 million as
of September&nbsp;30, 2025, and 2024, respectively. Out of the total mobile customers as of September&nbsp;30, 2025, <FONT STYLE="background-color: white">61</FONT>%
were prepaid customers and <FONT STYLE="background-color: white">39</FONT>% were postpaid customers, whereas as of September&nbsp;30,
2024, 62% were prepaid customers and 38% were postpaid customers. We observed a change in customer behavior, resulting in a decrease
in prepaid services customers of <FONT STYLE="background-color: white">6.4</FONT>% and a decrease of <FONT STYLE="background-color: white">2.8</FONT>%
in the postpaid services customers as of September&nbsp;30, 2025. Additionally, the average churn rate per month amounted to <FONT STYLE="background-color: white">2.1</FONT>%
in 9M25 (compared to a 1.5% average in 9M24).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ARPU of Mobile
Services in Argentina - Segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Networks&rdquo;</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A monthly operational
measure used in the mobile services is ARPU, which we calculate by dividing adjusted total service revenues&mdash;excluding out collect
wholesale roaming, cell site rental and reconnection fees revenues and others (divided by nine months) by the average number of customers
during 9M25. 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 September&nbsp;30, 2025.
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 9M25:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt; width: 80%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 1%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; width: 19%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$&nbsp;million</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Mobile service revenues</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"></TD>
    <TD STYLE="font-size: 9pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 9pt">1,560,671</FONT></P></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 20.2pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Components
    of service revenues not included in the ARPU calculation: out collect (wholesale) roaming, cell sites rental, reconnection fees revenues
    and others&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,628)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
    total service revenues included in the ARPU calculation</B>&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,559,043</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    number of customers during 9M25 (millions)&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21.2</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ARPU
    of Mobile Services in Argentina</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>8,171.1</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Mobile services
revenues generated in Paraguay amounted to $123,161 million in 9M25 (a $13,590 million or 9.9%% decrease compared to 9M24). This decrease
is the result of a decrease in the ARPU measured in constant pesos, partially offset by the appreciation of the guaran&iacute; against
the Argentine peso and an increase in the customer base.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Paraguay&rsquo;s
ARPU amounted to $5,152.6 in 9M25 (compared to $6,281.3 in 9M24), representing a 18.0% decrease. This decrease is due to the progressive
reduction in the prepaid customer base and recharge levels, attributed to the widespread use of Wi-Fi networks, which impacted mobile
data usage. Additionally, it is worth noting that mobile service prices, measured in constant pesos (as a result of the appreciation
of the guaran&iacute; against the Argentine peso in 37.0%), did not increase in line with inflation, which reached 31.8% over the last
twelve months.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 9M25, the customer
base in Paraguay amounted to 2.7 million customers, increasing an 8% compared to 9M24. This increases mainly due to the migration of
customers from the prepaid to the postpaid segment and the acquisition of new customers because of marketing campaigns. Out of the total
mobile customers as of September&nbsp;30, 2025, 71% were prepaid customers and 29% were postpaid customers, whereas as of September&nbsp;30,
2024, 74% were prepaid customers, and 26% were postpaid customers. The average churn rate per month amounted to 2.3% in 9M25 (compared
to a 2.6% average in 9M24).</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Internet services
revenues amounted to $1,235,080 million in 9M25 (equivalent to 23.2% of total consolidated services revenues), increasing $279,185 million
or 29.2% as compared to 9M24. The effect generated by the restatement in constant currency as of September&nbsp;30, 2025, included in
internet services revenues amounted to $87,934 million and $346,932 million in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase in
internet services revenues in Argentina in 9M25 was mainly due to the consolidation of TMA&rsquo;s results, which contributed $249,910
million. The customer base for the segment &ldquo;ICT Services provided in Argentina &ndash; TMA Networks&rdquo; amounted to 1.6 million
as of September&nbsp;30, 2025, representing a 3.5% increase since the acquisition date. Prices remained in line with the accumulated
inflation since the acquisition date.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the increase was mainly due to the increase of 1.9% in the ARPU and 2.5% in the customer base.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The ARPU for the
segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Networks&rdquo; reached $25,041.5 in 9M25 as compared to $24,582.9
in 9M24. This increase in ARPU is mainly explained by the price increases for this service. The effect generated by the restatement in
constant currency as of September&nbsp;30, 2025 included in ARPU amounted to $1,656.4 and $8,895.5 as of September&nbsp;30, 2025, and
2024, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The customer base
for the segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Networks&rdquo; increased amounting to 4.1 million customers
as of September&nbsp;30, 2025 (a 2.5% increase compared to September&nbsp;30, 2024). The churn rate per month amounted to 1.2% and 1.6%
in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ARPU of Internet
Services in Argentina - Segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Networks&rdquo;</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">A monthly operational
measure used in internet services is ARPU, which we calculate by dividing adjusted total service revenues -excluding connection and rehabilitation
fees revenues and others- (divided by nine months) by the average number of customers during 9M25. 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 September&nbsp;30, 2025. 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 9M25:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt; width: 78%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 2%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$&nbsp;million</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Internet service revenues</B>&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>925,049</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Components
    of service revenues not included in the ARPU calculation&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,017)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
    total service revenues included in the ARPU calculation</B>&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 3pt; font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>924,032</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    number of customers during 9M25 (millions)&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-size: 9pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.1</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ARPU
    of Internet service revenues in Argentina</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-size: 9pt; vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>25,041.5</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Cable television
services revenues amounted to $631,457 million in 9M25 (equivalent to 11.9% of total consolidated services revenues), increasing $86,302
million or 15.8% as compared to revenues in 9M24. The effect generated by the restatement in constant currency as of September&nbsp;30,
2025, included in cable television services revenues, amounted to $46,155 million and $199,976 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase in
Cable television service revenues in 9M25 was mainly due to the consolidation of TMA&rsquo;s results, which contributed $63,729 million.
The customer base for the segment &ldquo;ICT Services provided in Argentina &ndash; TMA Networks&rdquo; amounted to 0.4 million as of
September&nbsp;30, 2025, representing a 5.8% decrease since the acquisition date. Prices remained in line with the accumulated inflation
since the acquisition date.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the increase was mainly due to a 3.2% increase in ARPU and 1.4% increase in customer base.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The ARPU for the
segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Networks&rdquo; amounted to $17,264.4 as of September&nbsp;30, 2025,
compared to an ARPU of $16,731.3 as of September&nbsp;30, 2024. The increase in ARPU is due to higher prices and less discounts granted
during 9M25. The effect generated by the restatement in constant currency as of September&nbsp;30, 2025, included in ARPU amounts to
$808.8 and $5,887.8 as of September&nbsp;30, 2025, and 2024, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of September&nbsp;30,
2025, the customer base for the segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Networks&rdquo; amounted to 3.2 million
customers, increasing a 1.4% compared to September&nbsp;30, 2024. This increase was driven by the Flow Full and Flow Flex products, with
Flow Flex (which is fully digital and does not require a set-top box or installation) becoming the main product starting in 3Q24. Out
of this customer base, 1.7 million are subscribed to Flow Flex, and the average monthly cable TV churn rate stood at 1.5% and 1.8% in
9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ARPU of Cable
Television Services in Argentina - Segment &ldquo;ICT Services provided in Argentina &ndash; Telecom Networks&rdquo;</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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&mdash;excluding
connection and administration fees, advertising services and others&mdash; (divided by nine months) by the average number of customers
during 9M25. 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 September&nbsp;30,
2025. 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 9M25:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt; width: 78%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; width: 2%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$&nbsp;million</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    Cable television service revenues</B>&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>497,732</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 9pt; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 1pt solid; font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(517)</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
    total service revenues included in the ARPU calculation</B>&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; border-bottom: Black 2.25pt double; font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>497,215</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average
    number of customers during 9M25 (millions)&#9;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.2</FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>ARPU
    of Cable Television Services in Argentina</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3pt; font-size: 9pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>17,264.4</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Revenues generated
by fixed and data services amounted to $676,563 million in 9M25 (equivalent to 12.7% of total consolidated services revenues), increasing
$205,312 million or 43.6% as compared to 9M24. The effect generated by the restatement in constant currency as of September&nbsp;30,
2025, included in fixed and data services revenues amounted to $57,640 million and $176,577 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase in
Argentina of fixed and data services revenues in 9M25 was mainly due to the consolidation of TMA&rsquo;s results, which contributed $282,029
million. The customer base for the segment &ldquo;ICT Services provided in Argentina &ndash; TMA Networks&rdquo; amounted to 2.1 million
as of September&nbsp;30, 2025, of which 1.5 million were IP customers. The customer base decreased 1.3% since the acquisition date. Prices
remained in line with the accumulated inflation since the acquisition date.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the decrease was mainly because the Company has not been able to increase its prices to the same extent
as the increase in inflation, considering an accumulated inflation in the last twelve months of 31.8%, partially offset by an increase
in the fixed customer base of 2.4%.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of September&nbsp;30,
2025, the fixed telephony customer base totaled 2.8 million, of which 2.2 million were IP customers. This represents a 2.4% increase
compared to September&nbsp;30, 2024, mainly driven by growth in IP lines, partially offset by changes in customer consumption trends.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Other services revenues
generated by other services amounted to $48,296 million, increasing $8,239 million or 20.6% compared to 9M24, representing 0.9% of total
service revenues. The effect generated by the restatement in constant currency as of September&nbsp;30, 2025, included in other services
revenues amounted to $3,751 million and $14,161 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The variation in
other service revenues was primarily driven by the growth of fintech services in Argentina, mainly due to the increased use of the digital
wallet 'Personal Pay' and the expansion of its user base, which reached 4.4 million as of September&nbsp;30, 2025, compared to 3.3 million
as of September&nbsp;30, 2024, representing a 32.2% increase.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Equipment revenues
amounted to $295,256 million in 9M25 (an increase of $71,224 million or 31.8% compared to 9M24). This variation is mainly due to the
consolidation of TMA&rsquo;s results, which contributed $114,447 million. Excluding the impact of the consolidation of TMA, the decrease
was mainly due to the fact that the Company was unable to increase its prices during 9M25 to the same extent as the increase in inflation,
despite the increase in the number of handsets sold.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in Equipment revenues amounts to $22,024 million and
$79,703 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Operating
                                            costs (without depreciation, amortization and impairment of Fixed and intangible assets)</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
    <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">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; 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; vertical-align: top; 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; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 45%; 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; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,358,615)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 13%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(915,085)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 13%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(443,530)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 11%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48.5</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(200,813)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(112,382)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(88,431)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">78.7</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(714,553)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(506,572)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(207,981)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41.1</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(485,015)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(293,654)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(191,361)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">65.2</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(297,533)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(204,778)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(92,755)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45.3</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(224,740)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(173,620)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(51,120)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29.4</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(266,780)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(212,992)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(53,788)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25.3</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(97,299)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(77,335)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19,964)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25.8</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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, net</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(260,826)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(178,313)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(82,513)</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46.3</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
    <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>Total
    operating costs</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,906,174)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,674,731)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,231,443)</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>46.0</B></FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Total
operating costs without depreciation, amortization and impairment of Fixed and intangible assets totaled $3,906,174 million in 9M25,
which represents an increase of $1,231,443 million or 46.0% compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Operating
costs contain $1,320,584 million corresponding to the consolidation of TMA&rsquo;s results.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in operating costs without depreciation, amortization
and impairment of Fixed and intangible assets amounted to $320,494 million and $1,025,559 million in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Main operating costs
for 9M25 and 9M24 are comprised as follows:</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employee benefit
expenses and severance payments amounted to $1,358,615 million in 9M25, increasing $443,530 million or 48.5% compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase was
mainly due to the consolidation of TMA&rsquo;s results, which contributed $465,035 million, which includes $111,746 million related to
restructuring costs mentioned in Note 1.a) to the unaudited condensed consolidated financial statements.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the decrease was mainly due to lower severance payments and the effect of a reduction in net headcount (18,977
Company employees as of September&nbsp;30, 2025, a decrease of 6.3% compared to September&nbsp;30, 2024), partially offset by salary
increases agreed upon by the Company with several trade unions for unionized employees, as well as for non-unionized staff, together
with related social security charges.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in employee benefit expenses and severance payments amounted
to $90,765 million and $332,993 million in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Interconnection
and transmission costs</I></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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) amounted to $200,813 million in 9M25, increasing $88,431 million or 78.7% compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase was
mainly due to the consolidation of TMA&rsquo;s results, which contributed $135.344 million. These mainly include the use of infrastructure
and interconnection costs.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of TMA&rsquo;s consolidation, the decrease is mainly due to the change in the service contracting model for call termination on the destination
network, shifting from a variable charge model to a fixed mobile capacity block contracting model.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in Interconnection and transmission costs amounted to
$15,994 million and $42,896 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Fees for services,
maintenance, materials and supplies amounted to $714,553 million in 9M25, increasing $207,981 million or 41.1% compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The consolidation
of TMA&rsquo;s results contributed $226,140 million, the most relevant being consulting, advisory and surveillance fees and maintenance
costs.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the decrease was mainly explained by the optimization and management of resources, which led to lower maintenance,
materials and supplies costs of $11,614 million and lower service fees for $6,864 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included Fees for services, maintenance, materials and supplies
amounted to $67,099 million and $211,112 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Taxes and fees with
the Regulatory Authority, including turnover tax, municipal taxes and other taxes, amounted to $485,015 million in 9M25, increasing $191,361
million or 65.2 % compared to 9M24. Taxes and fees with the Regulatory Authority represent 8.6% and 7.8% of revenues in 9M25 and 9M24,
respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase was
mainly due to the consolidation of TMA&rsquo;s results, which contributed $167,904 million, mainly include turnover taxes and taxes with
the Regulatory Authority.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the increase is mainly explained by the impact of taxes on the respective services in relation to the sales
associated with them in 9M25 compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in Taxes and fees with the Regulatory Authority amounted
to $33,275 million and $106,912 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Commissions and
advertising amounted to $297,533 million in 9M25, increasing $92,755 million or 45.3% compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase was
mainly due to the consolidation of TMA&rsquo;s results, which contributed $100,215 million, that include commissions for collections.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the variation is mainly explained by a decrease in advertising costs related to Personal Pay campaigns and
lower financial discounts related to credit card transactions. This effect is partially offset by an increase in advertising costs related
to Flow campaigns (such as Flow Music, Flow Content, Flow Sports, among others) compared to 9M24.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in Commissions and advertising amounted to $20,794 million
and $73,734 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Cost of equipment
amounted to $224,740 million in 9M25, increasing $51,120 million or 29.4 % compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase was
mainly due to the consolidation of TMA&rsquo;s results, which contributed $89,655 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the decrease is explained by the fact that, although the number of mobile devices sold increased compared
to 9M24, their costs did not increase in line with the accumulated inflation of 31.8% over the past twelve months.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in Cost of equipment amounted to $32,835 million and
$84,956 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Programming and
content costs amounted to $266,780 million in 9M25, representing an increase of $53,788 million or 25.3% compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This increase was
mainly due to the consolidation of TMA&rsquo;s results, which contributed $34,252 million. Excluding the impact of the consolidation
of TMA, the increase is mainly attributable to the growth in premium channel services, primarily in the Football Pack.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in Programming and content costs amounted to $19,353
million and $77,364 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Bad debt expenses
amounted to $97,299 million in 9M25, increasing $19,964 million or 25.8% compared to 9M24, representing 1.7 % and 2.1% of the revenues
in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Bad debt expenses
contain $38,926 million corresponding to the consolidation of TMA&rsquo;s results, which represent a 2.2% of the revenues consolidated
from TMA.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the decrease is mainly due to continuing credit recovery actions.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in Bad debt expenses amounted to $6,966 million and $29,210
million in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Other operating
expenses, net </I></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Other operating
expenses, net (which include legal claims and contingent liabilities, energy and other public services, insurance, rentals and internet
capacity, among others) amounted to $260,826 million in 9M25, increasing $82,513 million or 46.3% compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The increase was
mainly due to the consolidation of TMA&rsquo;s results, which contributed $63,113 million, and mainly include energy, water and other
services, legal claims and contingent liabilities, and rentals, partially offset by the result of the sale of Fixed Assets.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact
of the consolidation of TMA, the increase is related to higher rental costs, lower earnings from the sale of Microsistemas&rsquo; receivables,
and higher electricity costs.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The effect generated
by the restatement in constant currency as of September&nbsp;30, 2025, included in Other operating expenses, net amounted to $33,413
million and $66,382 million in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I><U>Depreciation,
amortization and impairment of fixed and intangible assets</U></I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Depreciation,
amortization and impairment of Fixed and intangible assets amounted to $1,364,066 million in 9M25, an increase of $140,487 million or
11.5% compared to 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Depreciation,
amortization and impairment of Fixed and Intangible Assets for 9M25 contained $345,469 million corresponding to the consolidation of
TMA&rsquo;s results. Excluding the impact of the consolidation of TMA, the decrease is due to the effect of those assets that ended their
useful life after September&nbsp;30, 2024, partially offset by the impact of depreciation and amortization of registrations after that
date, which, in turn, decreased compared to last year.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
effect generated by the restatement in constant currency as of September&nbsp;30, 2025, included in depreciation, amortization and impairment
of Fixed and intangible assets amounts to $1,008,300 million and $1,069,035 million in 9M25 and 9M24, respectively.</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Operating income
amounted to $352,321 million compared to an operating loss of $140,145 million in 9M25 and 9M24, respectively. Operating income / (loss)
represented 6.3 % and (3.7) % of revenues in 9M25 and 9M24, respectively.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Operating income
for 9M25 includes $96,139 million corresponding to the consolidation of TMA&acute;s results.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 85%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M24</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interests
    on borrowings </FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(259,558)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(114,808)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(144,750)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Remeasurement
    in borrowings </FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,695</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(114,464)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">117,159</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign
    currency exchange gains / (losses) on borrowings</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(422,296)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,005,495</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,427,791)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Result
    for debt renegotiation</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,646</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,646)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Result
    on the repurchase of ON</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">495</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(495)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;Total
    financial results from borrowings</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(679,159)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,779,364</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,458,523)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    foreign currency exchange gains</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24,308</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">220,575</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(196,267)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(89.0)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fair
    value losses on financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,017)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(58,949)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,932</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(83.0)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    interests, net</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,397)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,550</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,947)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RECPAM
    </FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,127</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">143,373</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(49,246)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(34.3)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(101,062)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(143,635)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,573</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29.6)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    other financial results, net</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(6,041)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>181,914</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(187,955)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    financial results, net</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(685,200)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,961,278</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,646,478)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; 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 Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Telecom incurred
a financial loss, net of $685,200 million in 9M25 (compared to a gain of $1,961,278 million in 9M24). Financial results, net contain
a loss of $53,854 million corresponding to the consolidation of TMA&rsquo;s results.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The variation in
financial results, net for 9M25 was mainly explained by a higher loss from foreign exchange differences, measured in real terms, amounting
to $2,624,058 million (this was driven by an inflation rate of 22.0% versus an appreciation of the U.S. dollar against the Argentine
peso of 33.7% (compared to an inflation rate of 101.6% and a U.S. dollar appreciation of 20.0% in 9M24), higher interest on borrowings
of $144,750 million due to new loans taken during 9M25, partially offset by a higher remeasurement in borrowings gain of $117,159 million
due to the maturity of ONs in UVA which reduced the balance of principal owed and, therefore, the associated finance charges.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income
                                            tax benefit (expense)</B></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Income tax benefit
amounted to $64,409 million in 9M25 compared to an expense of $556,137 million in 9M24. It includes the following effects: (i)&nbsp;current
tax expenses, Telecom&rsquo;s generated $145,789 million tax expense in 9M25 (compared to an expense of $28,975 million in 9M24), (ii)&nbsp;regarding
the deferred tax in 9M25, Telecom recorded a deferred tax benefit of $210,198 million compared to an expense of $527,162 million in 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Income tax benefit
(expense) contains $40,574 million corresponding to the consolidation of TMA&rsquo;s results.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Net
                                            loss </B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Telecom recorded
net loss of $272,543 million in 9M25 as compared to net income of $1,254,213 million in 9M24 and represented (4.8)% of revenues as compared
to 33.4% in 9M24. The decrease in 9M25 compared to 9M24 was mainly due to a reduction in financial gains of $2,646,478 million, partially
offset by an increase in operating income of $492,466 million and a decrease in income tax expense of $620,546 million.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net loss attributable
to controlling shareholders amounted to $289,156 million in 9M25 compared to net income of $1,236,724 million in 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Net income contains
an income of $1,711 million corresponding to the consolidation of TMA&acute;s results.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 and intangible 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. Accordingly, our definition of Adjusted EBITDA may
not be comparable to Adjusted EBITDA as used by other companies.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$&nbsp;million</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 47%; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    income (loss) for the period</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(272,543)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,254,213</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,526,756)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 12%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax (benefit) / expense</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(64,409)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">556,137</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(620,546)</FONT></TD>
    <TD STYLE="font-size: 10pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    financial results, net</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,041</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(181,914)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">187,955</FONT></TD>
    <TD STYLE="font-size: 10pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial
    results from borrowings</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">679,159</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,779,364)</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,458,523</FONT></TD>
    <TD STYLE="font-size: 10pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Losses
    from associates and joint ventures</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,073</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,783</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,710)</FONT></TD>
    <TD STYLE="font-size: 10pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(62.2)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating
    income (loss)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>352,321</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(140,145)</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>492,466</B></FONT></TD>
    <TD STYLE="font-size: 10pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation,
    amortization and impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,364,066</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,223,579</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">140,487</FONT></TD>
    <TD STYLE="font-size: 10pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.5</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,716,387</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,083,434</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>632,953</B></FONT></TD>
    <TD STYLE="font-size: 10pt; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>58.4</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Our
consolidated Adjusted EBITDA amounted to $1,716,387 million in 9M25, representing an increase of $632,953 million or 58.4% as compared
to 9M24. Adjusted EBITDA represented 30.5% of our total consolidated revenues in 9M25 and 28.8% in 9M24.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">Adjusted
EBITDA contains $441,608 million corresponding to the consolidation of TMA&rsquo;s results.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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 the domestic and international capital markets during 2025 to refinance its outstanding debt, as necessary.</FONT></P>

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

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

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

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

<!-- Field: Split-Segment; Name: 007 -->
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.15in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Borrowings
Developments during 9M25</B></FONT></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Recent developments of Borrowings for the nine-month
period ended September&nbsp;30, 2025, are detailed below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><B>1)</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><B>Notes</B></TD></TR></TABLE>

<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt"><TD STYLE="border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; width: 7%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Series</B></FONT></TD>
    <TD STYLE="border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding: 8pt 3.5pt; font-size: 8pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; font-size: 8pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Amount<BR>
    involved<BR>
    (in millions)</B></FONT></TD>
    <TD STYLE="border-top: Black 2.5pt double; border-right: Black 1pt solid; padding: 8pt 3.5pt; font-size: 8pt; width: 10%; 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 2.5pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding: 8pt 3.5pt; font-size: 8pt; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Maturity<BR>
    date</B></FONT></TD>
    <TD STYLE="border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding: 8pt 3.5pt; font-size: 8pt; width: 25%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Amortization</B></FONT></TD>
    <TD STYLE="border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: black 1pt solid; padding: 8pt 3.5pt; font-size: 8pt; width: 14%; 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 2.5pt double; border-right: Black 2.5pt double; border-bottom: black 1pt solid; padding: 8pt 3.5pt; font-size: 8pt; width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest<BR>
    payment date</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">800</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">05/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">05/2033</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In
    two installments:<BR>
    (i) 50% in 05/2032<BR>
    and<BR>
    (ii) 50% in 05/2033</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.25%</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 2.5pt double; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Semiannual
    basis</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">05/2033</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50.5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 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; font-size: 8pt; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.50%</FONT></TD>
    <TD STYLE="border-right: Black 2.5pt double; border-bottom: Black 1pt solid; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly
    basis</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; border-left: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,962</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; 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 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TAMAR
    plus 4%</FONT></TD>
    <TD STYLE="border-right: Black 2.5pt double; border-bottom: Black 2.5pt double; padding: 8pt 3.5pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly
    basis</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><B>2)</B></TD><TD STYLE="font-size: 10pt; text-align: justify"><B>Bank and other financing entities loans</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The acquisition of TMA, described in Note 16, was
financed through two loans totaling US$1,170 million (net of issuance costs US$ 1,142 million, equivalent to $1,412,300 million in current
currency as of September&nbsp;30, 2025).</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 8pt">
    <TD ROWSPAN="2" STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.5pt double; width: 9%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Entities</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="font-size: 8pt; border-top: Black 2.5pt double; border-right: Black 1pt solid; padding-top: 2pt; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Principal<BR>
residual<BR>
nominal value</B></FONT></TD>
    <TD STYLE="font-size: 8pt; border-top: Black 2.5pt double; border-right: Black 1pt solid; padding-top: 2pt; padding-right: 3.5pt; padding-left: 3.5pt; vertical-align: middle; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Residual<BR>
Nominal Capital</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Maturity<BR>
date</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Amortization</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest<BR>
rate</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-top: Black 2.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Spread</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-top: Black 2.5pt double; border-right: Black 2.5pt double; border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Interest<BR>
payment<BR>
date</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 2pt; padding-left: 3.5pt; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(in millions)</B></FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 2pt; padding-left: 3.5pt; vertical-align: middle; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(in millions)</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Syndicated loan</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">970</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">151</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02/2029</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">In one installment at maturity date</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Variable annual rate: SOF 3 months</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Between 4.00% and 7.00%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 2.5pt double; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly basis</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; border-left: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bilateral loan</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US$</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Between 02/2028 and 02/2030</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Semiannually from 02/2028</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Variable annual rate: SOF 3 months</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.00%</FONT></TD>
    <TD STYLE="font-size: 8pt; padding: 2pt 3.5pt; vertical-align: middle; border-right: Black 2.5pt double; border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quarterly basis</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On May&nbsp;29, 2025 the Company applied proceeds
from Notes Series&nbsp;24 to: (i)&nbsp;prepay a principal amount equal to US$650 million and interest equal US$0.3 million under the Syndicated
Loan (equivalent to $828,858 million in current currency as of September&nbsp;30, 2025) and, (ii)&nbsp;prepay a principal amount equal
to US$134 million and interest equal to US$0.1 million under the Bilateral Loan (equivalent to $170,610 million in current currency as
of September&nbsp;30, 2025). As of September&nbsp;30, 2025 the outstanding balance of these loans amounts to $215,692 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">On July&nbsp;30, 2025, the Company applied the
funds from the reopening of Notes Series&nbsp;24 to: (i)&nbsp;prepay a principal amount equivalent to US$168.8 million and interest equivalent
to US$2.8 million under the Syndicated Loan (equivalent to $234,604 million in current currency as of September&nbsp;30, 2025) and, (ii)&nbsp;prepay
an amount of principal equivalent to US$34.8 million and interest equivalent to US$0.6 million under the Bilateral Loan (equivalent to
$47,422 million in current currency as of September&nbsp;30, 2025).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For further information, see Note 7 to the unaudited
condensed consolidated financial statements.</P>

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

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

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<P STYLE="font: 10pt Calibri, 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-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Cash Flow</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The table below summarizes, for the nine-months
period ended September&nbsp;30, 2025, and September&nbsp;30, 2024, Telecom&rsquo;s consolidated cash flows.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font-size: 9pt; width: 58%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; border-bottom: Black 1pt solid; width: 12%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25
    </B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; border-bottom: Black 1pt solid; width: 2%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; border-bottom: Black 1pt solid; width: 12%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M24</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; border-bottom: Black 1pt solid; width: 2%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    flows from operating activities </FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,296,377</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">631,125</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; white-space: nowrap; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">665,252</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    flows used in investing activities </FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,065,653)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(329,121)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; white-space: nowrap; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,736,532)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    flows (used in) from financing activities </FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">742,872</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(411,848)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; white-space: nowrap; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,154,720</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
    foreign exchange differences and RECPAM on cash and cash equivalents </FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36,056</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(73,647)</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; white-space: nowrap; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">109,703</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    Decrease in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(26,404)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(109,844)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>83,440</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Cash
    and cash equivalents at the beginning of the year</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>388,241</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; white-space: nowrap; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>424,356</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-right: 5pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Cash
    and cash equivalents at the end of the period</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; border-bottom: Black 2.5pt double; padding-right: 5pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>397,893</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; border-bottom: Black 2.5pt double; padding-right: 5pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>240,865</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">As of September&nbsp;30,
2025, and September&nbsp;30, 2024, we had $397,893 million and $240,865 million in cash and cash equivalents, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Cash flows from operating
activities</I> were $1,296,377 million and $631,125 million in 9M25 and 9M24, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Net cash from operating activities increased $665,252
million in 9M25 compared to 9M24, primarily due to an increase in net income adjusted for non-cash income and expense of $906,035 million,
partially offset by a $238,655 million increase in net cash outflows in connection with changes in our assets and liabilities and an increase
in cash outflows used to pay income tax by a $2,128 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The increase in net cash payments related to changes
in assets and liabilities was mainly due to an increase in payments of other tax charges, partially offset by an increase from cash flows
related to trade and other receivables.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cash flows from operating activities in 9M25 contain
$224,274 million corresponding to the consolidation of TMA.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>Cash flows used in investing activities</I>
were $2,065,653 million and $329,121 million in 9M25 and 9M24, respectively.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">In 9M25, cash flows used
in investing activities mainly included payments for acquisition of TMA, net of cash acquired of $1,209,041 million, payments for acquisitions
of PP&amp;E and Intangible assets of $775,954 million and payments for investments not considered as cash and cash equivalents of $416,138
million, partially offset by proceeds from sale investments not considered as cash and cash equivalents of $281,163 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">In 9M24, cash flows used
in investing activities mainly included payment for investments not considered as cash and cash equivalents of $346,798 million and payments
for acquisitions of PP&amp;E and Intangible assets of $310,680 million, partially offset by proceeds from sale investments not considered
as cash and cash equivalents of $330,941 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cash flows used in investing activities in 9M25
contain $42,380 million corresponding to the consolidation of TMA.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Cash flows from (used
in) financing activities</I> were $742,872 million and $(411,848) million in 9M25 and 9M24, respectively.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In 9M25, cash flows from financing activities included proceeds from
borrowings for $3,490,325 million, partially offset by payments for borrowings, interest, DFI and related expenses and leases liabilities
for $2,731,177 million and dividend payments for $16,276 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In 9M24, cash flows used in financing activities
included payments for borrowings, interest, DFI and related expenses and leases liabilities for $1,485,196 million and dividend payments
for $11,713 million, partially offset by proceeds from borrowings for $1,110,294 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cash flows used in financing activities in 9M25
contain $43,192 million corresponding to the consolidation of TMA.</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</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 Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Operating Working Capital
is a non-GAAP measure, defined as the difference between the Company&rsquo;s operating current assets and operating current liabilities.
The management believes that this measure is useful for assessing the company&rsquo;s efficiency in managing its short-term assets and
liabilities and ensuring operational continuity. For reconciliation of Operating Working Capital to the most directly comparable IFRS
measure, see &ldquo;Reconciliation.&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Net Current Financial
Liability is a non-GAAP measure, defined as the difference between the Company&rsquo;s financial assets and financial liabilities. The
management believes that this measure is useful for assessing our solvency and liquidity because it provides a view of our ability to
meet its short- and long-term financial obligations. For reconciliation of Net Current Financial Liability to the most directly comparable
IFRS measure, see &ldquo;Reconciliation.&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Working Capital is a non-GAAP
measure, defined as the difference between our current assets and current liabilities. The management believes that this metric is useful
for measuring our short-term financial health and operational efficiency and assessing our ability to manage our liquidity and sustain
our operational activities. For reconciliation of Working Capital to the most directly comparable IFRS measure, see &ldquo;Reconciliation.&rdquo;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: bottom; width: 57%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; width: 2%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>September&nbsp;30,<BR>
2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; width: 2%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December&nbsp;31,<BR>
2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; width: 2%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; width: 1%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$million</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    receivables</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">776,936</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">361,010</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">415,926</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables (without DFI)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">183,090</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53,057</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">130,033</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">86,909</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73,721</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,188</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
    liabilities (not considering borrowings)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,892,009)</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,080,218)</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(811,791)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating
    working capital-negative</B></FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(845,074)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(592,430)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(252,644)</B></FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">397,893</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">388,241</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,652</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables: DFI</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,529</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,529</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">289,527</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,961</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">248,566</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
    borrowings</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,433,449)</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,308,379)</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(125,070)</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    Current financial liability</B></FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(744,500)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(877,648)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>133,148</B></FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Assets
    classified as held for sale</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,792</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,153</FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">639</FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; padding-bottom: 2.5pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Negative
    working capital (current assets&mdash;current liabilities)</B></FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; padding-bottom: 2.5pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,586,782)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-bottom: 2.5pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,467,925)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-bottom: 2.5pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(118,857)</B></FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; padding-bottom: 2.5pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="font-size: 9pt; vertical-align: top; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Liquidity
    rate (current assets/ current liabilities)</B></FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.52</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.39</B></FONT></TD>
    <TD STYLE="font-size: 9pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>0.14</B></FONT></TD>
    <TD STYLE="text-align: left; font-size: 9pt; vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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 assets) for longer terms
than it provides to its customers. As a result, Telecom has a negative working capital, which amounted to $1,586,782 million as of September&nbsp;30,
2025 (increasing $118,857 million compared to December&nbsp;31, 2024).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">Negative working capital
contains $79,563 million corresponding to TMA as of September&nbsp;30, 2025.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; background-color: white">During 2024 and 2025,
Telecom obtained funds from the financial market to refinance part of its loans in order to optimize their terms, rates, and structure.
Telecom will continue its strategy of refinancing its borrowings to extend contractual terms and achieve lower financing costs, thus covering
its negative working capital.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In addition to our financial information that has
been prepared and presented in accordance with IFRS Accounting Standards, these this operating and financial review and prospect as of
September&nbsp;30, 2025, contain certain &ldquo;non-GAAP financial measures&rdquo; (as defined in Item 10(e)&nbsp;of Regulation S-K under
the Securities Act). These measures include Adjusted EBITDA, Operating Working Capital, Net Current Financial Liability and Working Capital.
Our management believes these financial reporting measures to be useful indicators of our operational performance and liquidity. Our calculation
of these non-GAAP financial measures may be different from the calculations used by other companies, including our competitors in the
telecommunications industry, and therefore, our measures may not be directly comparable to those of other companies.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For our definition of Adjusted EBITDA and its reconciliation
to the most directly comparable IFRS measure, see &ldquo;<I>Depreciation, amortization and impairment of Fixed and intangible assets&mdash;Adjusted
EBITDA</I>&rdquo; herein.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">For our definitions of (i)&nbsp;Operating Working
Capital; (ii)&nbsp;Net Current Financial Liability and (iii)&nbsp;Working Capital, see &ldquo;<I>Working Capital</I>&rdquo; herein.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following tables show a reconciliation of (i)&nbsp;Operating
Working Capital; (ii)&nbsp;Net Current Financial Liability and (iii)&nbsp;Working Capital, in each case the most directly comparable IFRS
Accounting Standard measure:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt"><B>(i)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt"><B>Operating Working Capital</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; text-align: center; white-space: nowrap; vertical-align: bottom; width: 48%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: left; white-space: nowrap; vertical-align: bottom; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; width: 25%; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As
    of September&nbsp;30,<BR>
    2025</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; background-color: white; text-align: center; width: 25%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As
    of December&nbsp;31,<BR>
    2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; text-align: center; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    receivables (current)</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">776,936</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">361,010</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables (current)</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184,619</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,586</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables DFI (current)</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,529)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,529)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Inventories
    </FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">86,909</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73,721</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
    liabilities (without borrowings)</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,325,458)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,388,597)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Borrowings
    (current)</FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,433,449</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,308,379</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 0.125in; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating
    working capital - negative</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(845,074)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 1pt; padding-right: 5pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(592,430)</B></FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt"><B>(ii)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt"><B>Net
                                            Current Financial Liability</B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse">
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; width: 48%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; white-space: nowrap; vertical-align: bottom; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; width: 25%; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As
    of September&nbsp;30,<BR>
    2025</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; width: 25%; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As
    of December&nbsp;31,<BR>
    2024</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Current
    liabilities</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(3,325,458)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(2,388,597)</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trade
    payables </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">961,988</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">542,367</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Salaries
    and social security payables </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">356,894</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">275,963</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income
    tax liabilities</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,700</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,562</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    taxes payables </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">241,607</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">110,577</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividend
    payables</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,027</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">837</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Leases
    liabilities </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">141,454</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">90,902</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    liabilities </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76,060</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,273</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Provisions
    </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,279</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,737</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash
    and cash equivalents </FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">397,893</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">388,241</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other
    receivables - current (DFI)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,529</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,529</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments
    (current)</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">289,527</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,961</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-left: 0.125in; font-size: 9pt; padding-top: 1pt; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net
    Current financial liability </B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; text-align: left; background-color: white; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(744,500)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; padding-right: 5pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(877,648)</B></FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; text-align: center; white-space: nowrap; vertical-align: bottom; width: 48%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; white-space: nowrap; vertical-align: bottom; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; width: 25%; background-color: white; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As
    of September&nbsp;30,<BR>
    2025</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1pt; background-color: white; font-size: 9pt; text-align: center; padding-bottom: 1pt; width: 25%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As
    of December&nbsp;31,<BR>
    2024</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; background-color: white; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; background-color: white; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
    assets</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,738,676</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">920,672</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; background-color: white; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current
    liabilities</FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,325,458</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,388,597</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; background-color: white; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Negative
    working capital (current assets &mdash; current liabilities)</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: left; white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,586,782)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(1,467,925)</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company has an excellent credit rating and
diverse sources of financing, relying on various instruments and offerings from leading institutions, to diversify its current financing
structure, which includes access to the capital markets and obtaining very competitive bank loans in terms of terms and financial cost,
in all cases, both nationally and internationally, with the objective of covering its investments, working capital and other general corporate
purposes and refinancing part of its loans.</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-size: 10pt">&middot;</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 Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company complies with a) the EBITDA/ Interest
Net ratio and b) the Net Debt/EBITDA ratio established in the loan agreements in force as of September&nbsp;30, 2025, and is also in compliance
with the rest of the covenants established.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">CAPEX and Rights of use assets additions composition
9M25 and 9M24 are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M25</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>9M24</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; vertical-align: top; background-color: white; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; vertical-align: top; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation
    </B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; vertical-align: top; background-color: white; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; background-color: white; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 58%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PP&amp;E</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 10%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">761,169</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 10%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">452,328</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; vertical-align: top; width: 2%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 10%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">308,841</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; width: 10%; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">68.3</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Intangibles
    assets</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">88,201</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37,812</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,389</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">133.3</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    CAPEX</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>849,370</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>490,140</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>359,230</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>73.3</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Rights
    of use assets</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">140,390</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">218,871</FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(78,481)</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(35.9)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total
    CAPEX and Right of use asset additions </B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 2.5pt double; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>989,760</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 2.5pt double; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>709,011</B></FONT></TD>
    <TD STYLE="font-size: 9pt; padding-top: 1pt; vertical-align: top; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 2.5pt double; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>280,749</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; font-size: 9pt; padding-top: 1pt; border-bottom: Black 2.5pt double; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>39.6</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">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, and improvement of the quality service.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In terms of infrastructure, during 2025 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.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Our customers with access to our 4G network, according
to the latest benchmark of September&nbsp;30, 2025, carried out by Ookla, perceived a better service experience reaching average speeds
of 86Mbps, compared to 55Mbps as of September&nbsp;30, 2024.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In addition, approximately 85% 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 9M25, the Company continued the expansion of its 5G network, incorporating 351 new sites.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Additionally, we continued to deploy mobile sites
connectivity in order to achieve better quality and capacity, replacing radio links with high-capacity fiber optics connections. Finally,
the plan to connect remote and low-density areas through satellite backhaul continued.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Total CAPEX and Right of use asset additions contain
$279,459 million corresponding to TMA in 9M25.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 3pt; width: 0.25in"><B><I>3.</I></B></TD><TD STYLE="padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt"><B><I>Telecom&rsquo;s activities for the three-month period ended September&nbsp;30, 2025 (&ldquo;3Q25&rdquo;) and 2024 (&ldquo;3Q24&rdquo;)</I></B></TD></TR></TABLE>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3Q25</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$
    million</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$ million</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt; width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Revenues</B>&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2,065,211</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1,295,358</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>769,853</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; width: 10%; background-color: white; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>59.4</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Operating costs without depreciation,
    amortization and intangible assets</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,416,085)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(943,377)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(472,708)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50.1</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation, amortization and
    impairment of Fixed and intangible assets</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(483,338)</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(400,385)</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(82,953)</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-bottom: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.7</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating income / (loss)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>165,788</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(48,404)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>214,192</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Losses from associates and joint
    ventures</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,225)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,392)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,167</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(65.2)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other financial results, net</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(456,983)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61,628</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(518,611)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(Loss) income before income
    tax </B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(293,420)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>6,832</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(300,252)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax benefit (expense) </FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100,939</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22,042)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">122,981</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net (loss) for the period</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(192,481)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(15,210)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(177,271)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; border-top: Black 1pt solid; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net (loss) attributable to:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Controlling Company</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(200,363)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,557)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(178,806)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,882</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,347</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,535</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24.2</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 10pt; text-align: left; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-top: 1pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(192,481)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-top: 1pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(15,210)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-top: 1pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(177,271)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-top: 1pt; font-size: 9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 10pt; text-align: left; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(Losses) per share for income
    attributable to the Controlling Company - Basic and diluted</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(93.03)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(10.01)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding-right: 10pt; padding-top: 1pt; font-size: 9pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="padding: 1pt 10pt 1pt 0.125in; text-align: left; font-size: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjusted EBITDA <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">649,126</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">351,981</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">297,145</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84.4</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Adjusted EBITDA is a non-GAAP
measure, defined as our net income, less income tax, financial results (Financial results from borrowings and other financial results,
net), losses from associates and joint ventures, and depreciation, amortization and impairment of Fixed and intangible assets. For further
information on the use of adjusted EBITDA, see &ldquo;Adjusted EBITDA&rdquo;.</FONT></TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It should be noted that the Company's results of
operations for the three-month period ended September&nbsp;30, 2025 reflect the results generated by TMA and, accordingly, are not comparable
to our results of operations for the three-month period ended September&nbsp;30, 2024, when TMA had not yet been acquired.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Revenues in 3Q25 amounted to $2,065,211 million
and operating costs (without depreciation, amortization and impairment of fixed and intangible assets) amounted to $1,416,085 million,
therefore, adjusted EBITDA amounted to $649,126 million (equivalent to 31.4% of consolidated revenue in 3Q25 compared to 27.2% in 3Q24).
Depreciation, amortization and impairment of fixed and intangible assets amounted to $483,338 million (equivalent to 23.4% of consolidated
revenues) and operating loss amounted to $165,788 million (equivalent to 8.0% of consolidated revenue in 3Q25 compared to (3.7) % in 3Q24).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Services revenues amounted to $1,977,671 million
in 3Q25 -equivalent to 95.8% of consolidated revenues, and equipment revenues amounted to $87,540 million in 3Q25 &ndash;equivalent to
4.2% of consolidated revenues.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mobile services revenues amounted to $1,035,232
million in 3Q25 &ndash;equivalent to 52.3% of consolidated services revenues&ndash; which were mainly generated by customers in Argentina.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Internet services revenues amounted to $446,089
million in 3Q25 &ndash;equivalent to 22.6% of consolidated services revenues.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Cable television services revenues amounted to
$221,680 million in 3Q25 &ndash;equivalent to 11.2% of consolidated service revenues&ndash; and they are mainly composed of services revenues
provided in Argentina and Uruguay.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Finally, Fixed and data services revenues amounted
to $258,358 million in 3Q25 &ndash;equivalent to 13.1% of consolidated service revenues.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Operating costs without depreciation, amortization
and impairment of fixed and intangible assets amounted to $1,416,085 million in 3Q25, being the main components, employee benefit expenses
and severance payments (amounted to $507,333 million); fees for services, maintenance, materials and supplies (amounted to $264,101 million);
taxes and fees with the Regulatory Authority (amounted to $178,621 million); commissions and advertising (amounted to $103,915 million)
and Programming and content costs (amounted to $93,759 million).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Financial results, net amounted to $456,983 million
in 3Q25, mainly due to net foreign exchange gains, measured in real terms, amounting to $321,918 million, interests on borrowings amounting
to $120,826 million, other financial results amounting to $67,275 million, partially offset by and the net gain on restatement in constant
currency amounting to $29,418 million and the gain value on financial assets at fair value through profit or loss of $22,547 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The income tax benefit for 3Q25 was $100,939 million
and the Company obtained a net loss of $192,481 million for that period (representing (9.3)% of revenues). Net loss attributable to controlling
company amounted to $200,363 million in 3Q25.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3Q25</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-bottom: Black 1pt solid; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Variation</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$&nbsp;million</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$ million</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; font-size: 9pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; width: 60%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; width: 10%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(192,481)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; width: 10%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(15,210)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; width: 10%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(177,271)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; width: 10%; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income tax expense (Benefit)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(100,939)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,042</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(122,981)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other financial results, net </FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,150</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60,120</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(47,970)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(79.8)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial results from borrowings </FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">444,833</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(121,748)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">566,581</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">n/a</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Income from associates and joint ventures </FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,225</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,392</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,167)</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(65.2)</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Operating income / (loss)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>165,788</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(48,404)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>214,192</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>n/a</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Depreciation, amortization and impairment of Fixed and
    intangible assets</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">483,338</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">400,385</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">82,953</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.7</FONT></TD></TR>
  <TR STYLE="font-size: 9pt">
    <TD STYLE="text-indent: 0.125in; padding-top: 1pt; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>649,126</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>351,981</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>297,145</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 1pt; font-size: 9pt; vertical-align: top; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>84.4</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 3pt; width: 0.25in"><B><I>4.</I></B></TD><TD STYLE="padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt"><B><I>Trend information</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the third quarter of 2025, Telecom Argentina
maintained its strategy of consolidating its position as a key player within the country&rsquo;s digital ecosystem, combining connectivity,
technology services, and entertainment in a context of gradual macroeconomic stabilization and slowing inflation, though challenges remain.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">With a comprehensive service offering and an active
investment policy, Telecom advanced in the expansion and modernization of its infrastructure, supporting the evolution of digital demand
with a focus on efficiency, quality, and technological capacity.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">One of the most significant milestones during the
year was the acquisition of Telef&oacute;nica M&oacute;viles Argentina (TMA), completed on February&nbsp;24 for US$1,245 million. This
transaction&mdash;one of the largest private infrastructure investments in the country during the period&mdash;reflects a global trend
of consolidation in the telecommunications industry.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Another key highlight of the period was the international
issuance of Class&nbsp;24 Notes made by Telecom in May&nbsp;and July, for an aggregate principal amount of US$1,000 million. This transaction
enhances the Company&rsquo;s financial strength and supports its growth strategy, aligned with both current and future technological challenges.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s digital platforms continue
to expand. Flow reaffirmed its positioning in the entertainment segment by introducing new offerings that enhance the customer experience,
such as Flow+ (a flexible entertainment experience that offers subscribers access to two services from Soccer Pack, HBO, Disney+ Premium,
and Universal+, with the option to switch them every 30 days under a single subscription). The platform also strengthened its presence
through successful co-productions and live concert streaming. Personal Pay continued to gain traction within the regional fintech ecosystem.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">In addition, the Company continued to expand its
operations in Paraguay and Uruguay, supporting the digital transformation of both consumers and businesses through its trademarks, Personal
and Flow. In Chile, the Company focuses primarily on cybersecurity solutions.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It is also worth noting that during this period,
the Company held two major technology events of high relevance for employees, corporate customers, and partners:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The International
Technology Seminar (SIT), which offers the Teco community insights into emerging trends, cutting-edge technologies, and innovation.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;SUMMIT,
held every year for the corporate market, reinforcing the Company&rsquo;s position as a digital leader in Argentina and across the region.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">With these initiatives, Telecom continues to support the country&rsquo;s
digital transformation through investments aimed at strengthening infrastructure, driving technological innovation, and expanding its
service ecosystem in line with the evolution of the competitive landscape.</P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 70%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 30%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Carlos
    Moltini</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Chairman
    of the Board of Directors</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; padding-left: 3pt; border: Black 1pt solid; text-align: justify; padding-bottom: 1pt"><B>CORPORATE INFORMATION</B></TD></TR>
</TABLE>


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

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




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 0.25in">
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font-size: 9pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Market
    quotation ($/share)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Volume
    of shares</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; width: 22%; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; width: 22%; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>High</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; width: 22%; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Low</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; width: 34%; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>traded
    (in millions)</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q24</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,090.00</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,560.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.3</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q24</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,175.00</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,850.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q25</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,400.00</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,515.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.0</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,000.00</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,110.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.5</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q25</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,795.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,021.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.6</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 0.25in">
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font-size: 9pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Market
    quotation (US$/ADR)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Volume
    of ADRs</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; width: 22%; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Quarter</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; width: 22%; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>High</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; width: 22%; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Low</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 9pt; width: 34%; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>traded
    (in millions)</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q24</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.56</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.86</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.3</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4Q24</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.81</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.49</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1Q25</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.18</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.40</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.77</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.2</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3Q25</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.56</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.52</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; padding-right: 5pt; padding-left: 5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.8</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 2pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">* Calculated at 1 ADR = 5 shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INVESTOR
RELATIONS</U></B> for information about Telecom Argentina S.A., please contact:</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 40%; border-collapse: collapse; margin-left: 0.25in">
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; width: 100%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>In Argentina</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Telecom Argentina S.A.</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investor Relations Division</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General Hornos 690</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(C1272ACK) Autonomous city of Buenos Aires</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Republic of Argentina</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: blue"><U>https://inversores.telecom.com.ar/ar/es/contacto.html</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 40%; border-collapse: collapse; margin-left: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt; width: 100%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Outside
    Argentina</B></FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JPMorgan
    Chase Bank N.A.</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">270
    Park Avenue, Floor 8.</FONT></TD></TR>
  <TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">New York, NY10017</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">Attn: Depositary
    Receipts Group</FONT></P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">Tel: +1 212 622
    5935</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>INTERNET</U></B>&nbsp;<U><FONT STYLE="color: blue">http://institucional.telecom.com.ar/inversores/</FONT></U></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>DEPOSIT AND TRANSFER AGENT FOR ADSs</U></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 40%; border-collapse: collapse; margin-left: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JPMorgan Chase Bank N.A.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">270 Park Avenue, Floor 8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York, NY10017</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Attn: Depositary Receipts Group</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: blue"><U>adr@jpmorgan.com</U></FONT> &ndash;
    <FONT STYLE="color: blue"><U>www.adr.com</U></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

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

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

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    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;12, 2025</FONT></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>
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    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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: 50%"><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; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&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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