Telecom Argentina S.A. Announces Consolidated Results For The Six Month Period ("1H21") And Second Quarter Of Fiscal Year 2021 ("2Q21")**

BUENOS AIRES, Argentina, Aug. 6, 2021

Note: For the figures included in their FFSS, the Company has accounted for the effects of inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores ("CNV"), which establishes that the restatement will be applied to the annual financial statements, for intermediate and special periods ended as of December 31, 2018 inclusive. Accordingly, the reported figures corresponding to 1H21 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments related to variations of results of 1H21 and vs. 1H20 mentioned in this press release correspond to "figures restated by inflation" or "constant". Moreover, Table 3 contemplates information broken down by segment for periods ended as of June 30 of 2021 and 2020 as analyzed by the Executive Committee and the CEO, who receive periodically the financial information of Telecom and its subsidiaries (in historical values). For further details, please refer to the titles of the financial tables beginning from page 11.

• For comparative purposes, it is important to highlight that the results restated by inflation corresponding to June 2020 contain the effect of the year over year inflation as of June 2021, which amounted to 50.2%.
• Consolidated Revenues amounted to P$180,018 million in 1H21, from which Service Revenues totaled P$167,085 million (-10.8% in constant currency vs. 1H20), in a context where inflation still remains high. Service revenues for 2Q21 totaled P$81,523 million (-12.3% in constant currency vs 2Q20)
• Mobile clients in Argentina reached 19.3 million in 1H21 (+460 thousand vs. 1Q21), cable TV subscribers totaled approximately 3.5 million (+20 thousand vs. 1Q21), while broadband accesses amounted to almost 4.2 million (+62 thousand vs. 1Q21).
• Operating Income before Depreciation and Amortization amounted to P$61,254 million in 1H21 (-14.8% vs. 1H20). Operating Income totaled P$5,305 million (-75.6% vs. 1H20).
• The Company registered a Net Loss of P$1,672 million in 1H21, mainly due to tax expenses of P$25,682 million, partially offset by the company's operating profit and positive net financial results of P$18,590 million
• Investments (including rights of use assets) reached P$41,705 million in 1H21, equivalent to 23.2% of Consolidated Revenues.
• Net Financial Debt amounted to P$189,342 million in 1H21, (-13.7% in constant currency vs. 4Q20)

**Unaudited non financial data