Cablevisión Holding Announces First Quarter 2018 Results

BUENOS AIRES, Argentina, May 14, 2018

As of January 1, 2018, the Merger between Telecom Argentina S.A. and Cablevisión S.A. (CVH's Subsidiary) has become effective and, consequently, the Company has become the controlling shareholder of Telecom Argentina S.A. (NYSE: TEO, BCBA: TECO2).

CVH Highlights 1Q18:

• Revenues reached Ps. 30,698 million mainly driven by mobile, Internet and Cable TV services.
• Total Costs reached Ps. 18,918 million mainly driven by Employee benefit expenses and severance payments, Fees for services, maintenance, materials and supplies, Taxes and fees with the regulatory authority and Programming and content costs.
• EBITDA reached Ps. 11,780 million and EBITDA Margin² was 38.4%.
• Capex amounted to Ps. 6,050 million, equivalent to 19.7% of Consolidated Revenues.
• Consolidated Financial Debt and Net Debt reached Ps. 50,186 million and Ps. 38,419 respectively. Debt Coverage Consolidated ratio as of March 2018 was 1.07x for Total Financial Debt and 0.82x in terms of Net Debt.
• Mobile subscribers in Argentina totaled 19.5 million in 1Q18, while Cable TV subscribers and Broadband accesses totaled 3.5 million and 4.1 million, respectively.
• Net Income amounted to Ps. 2,349 million. Net Income attributable to the Controlling Company amounted to Ps. 220 million, influenced by the growth in EBITDA and partially offset mostly by the negative FX impact over dollar denominated debt.
• During the 1Q18 the company made three mandatory prepayments under the USD 750 million Loan after receiving dividends from its subsidiaries. As of March 31, 2018, the outstanding principal amount of the Loan is of USD 217,304,813.

Investor Relations Contacts:
In Buenos Aires:	In New York:
Cablevisión Holding S.A ARIVA.DE Börsen-Geflüster Kurse Telecom Argentina SA B ADR 7,80 $ 0,00%	i-advize Corporate Communications, Inc
Agustín Medina Manson, Head of Investor Relations	Camilla Ferreira / Kenia Vargas
Patricio Gentile, Sr. Analyst of Investor Relations	Email: cferreira@i-advize.com
Email: ir@cablevisionholding.com	kvargas@i-advize.com
Tel: (+54 11) 4309 – 3417	Tel: +1 212 406 3695 / 3696
https://www.cablevisionholding.com

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SOURCE Cablevisión Holding S.A.