#1telecom personal flow Telecom Argentina 4Q21 Earnings Release 2020 INTERNATIONAL FINANCE TELECOM AWARDS Best Telecom Services Provider Telecom Argentina - Argentina Best Investor Relations Telecom Company Telecom Argentina - Argentina#2This presentation may contain statements that could constitute forward-looking statements, including, but not limited to (i) the Company's expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; (ii) the continued synergies expected from the merger between the Company and Cablevisión S.A. (or the Merger); (iii) the implementation of the Company's business strategy; (iv) the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay, Uruguay and the United States; (v) the Company's outlook for new and enhanced technologies; (vi) the effects of operating in a competitive environment; (vii) the industry conditions; (viii) the outcome of certain legal proceedings; and (ix) regulatory and legal developments. Forward- looking statements may be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "will," "may" and "should" or other similar expressions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by forward-looking statements. These factors include, among others: (i) the Company's ability to successfully implement our business strategy and to achieve synergies resulting from the Merger; (ii) the Company's ability to introduce new products and services that enable business growth; (iii) uncertainties relating to political and economic conditions in Argentina, Paraguay, Uruguay and the United States, including the policies of the new government in Argentina; (iv) the impact of political developments, including the policies of the new government in Argentina, on the demand for securities of Argentine companies; (v) inflation, the devaluation of the peso, the Guaraní and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay; (vi) restrictions on the ability to exchange Argentine or Uruguayan pesos or Paraguayan guaraníes into foreign currencies and transfer funds abroad; (vii) the impact of currency and exchange measures or restrictions on our ability to access the international markets and our ability to repay our dollar-denominated indebtedness; (viii) the creditworthiness of our actual or potential customers; (ix) the nationalization, expropriation and/or increased government intervention in companies; (x) technological changes; (xi) the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which the Company operates, including regulatory developments such as sanctions regimes in other jurisdictions (e.g., the United States) which impact on the Company's suppliers; (xii) the effects of increased competition; (xiii) reliance on content produced by third parties; (xiv) increasing cost of the Company's supplies; (xv) inability to finance on reasonable terms capital expenditures required to remain competitive; (xvi) fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; (xvii) the Company's ability to compete and develop our business in the future; (xviii) the impact of increased national or international restrictions on the transfer or use of telecommunications technology; and (xix) the impact of the outbreak of COVID-19 on the global economy and specifically on the economies of the countries in which we operate, as well as on our operations and financial performance. Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company's management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company's Annual Report on Form 20-F and the periodic filings made on Form 6-K, which are periodically filed with or furnished to the United States Securities and Exchange Commission, as well as the presentations periodically filed before the Argentine Securities and Exchange Commission (Comisión Nacional de Valores) and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company. DISCLAIMER 1#3The 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 for inflation 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 FY21 include the effects of the adoption of inflationary accounting in accordance with IAS 29. On the other hand, in order to ease the understanding and analysis of the earnings evolution by its users, additional figures of the income statements are included, which are non-restated for inflation and which were used as the base for the information presented in constant pesos. DISCLAIMER 2#4↑ ↑ ↑ OVERVIEW OF OUR FY21 Operational and Financial highlights Our main brands were consolidated under Telecom, Telecom Personal, and Flow Our prices were increased according to local inflation Our 2021 annual capex amounted to USD 833 MM. Our capex to sales ratio has been of 20.1%, well above industry's standards T → Our subsidiary in Paraguay is very solid. Revenues and EBITDA in hard currency continued increasing Our main debt maturities due 2021 were refinanced or repaid. → Our cash flow generation is strong ↑ -> Our network is very solid and has the best technology → We have achieved an EBITDA Margin of 31.2% → → Our bad debt level has been of 1.9% of revenues, well below industry's standards ↑ ↑ ↑ We have launched our Fintech company having more than 14 thousand clients as of today Our support to our employees in terms of COVID 19 has been and will continue to be a priority We have increased the number of clients (vs. FY20) in our 3 main products telecom personal | flow ↑ ↑ -> 3 We have accessed the local capital markets for relevant amounts using peso inflation adjustment bonds or dollar linked bonds We are analyzing additional drivers of growth related to our industry in our country or abroad We are very much focused on improving our ESG issues and using best in class practices We have launched a new IR website, improving the way we communicate with our investors We have improved our vendor financing sources, mainly CDB, EDC, and Finnvera#5FY21 IN FIGURES Revenues EBITDA EBITDA Margin 4.1 U$S BN* 1.3 U$S BN* 31.2% Million mobile 20.1 subscribers in Argentina 3.6 Million Pay TV subscribers 4.2 Million broadband subscribers telecom 2.4 Million fixed subscribers ** Million 2.1 convergent unique clients Of broadband 49% clients also are mobile clients 2.2 Million mobile subscribers in Paraguay 135 Thousand Pay TV subscribers in Uruguay * Figures in constant pesos as of December 31, 2021 converted at the BNA ask rate (102,72) **Not including IP lines 4#6INFLATION EVOLUTION Weighing within the index Food and non-alcoholic beverages 26.9% Transport 11.0% Clothes and Shoes 9.9% FY21 Inflation: 50,9% Jan-22 Inflation: 3,9% Housing water, electricity and other fuels 9.4% Restaurants and hotels 9.0% Healthcare 8.0% Recreation and culture 7.3% Home furnishing and maintenance 6.4% ➤ YoY Inflation by Item* Other goods and services Alcoholic beverages and tobacco Communications Education 3.5% 3.5% 2.8% 2.3% 66,3 65,8 56,4 54,9 52,9 51,1 50,5 47,1 46,2 41,8 29,1 26,8 Transport Healthcare Alcoholic beverages and tobacco Food and non- alcoholic Home furnishing Recreation and Other goods and and maintenance services culture Housing water, Communications electricity and beverages other fuels 5 Clothes and Restaurants and Education Shoes hotels *Source: INDEC - January 2022 figures telecom personal flow#7PRICE INCREASES DURING 2021 AND JANUARY 2022 2021 Jan-22 2021 Jan-22 Mobile Postpaid Mobile plans +50% +15%* Pay TV Pay TV subscription +43% +13% services Prepaid Mobile Up to 50% +16%* Additional services Up to 49% Up to 15% 2021 Jan-22 2021 Jan-22 Broadband xDSL services +42% +16% Broadband Fixed Voice Basic services +29% +16% Broadband HFC and +43% +13% FTTH services *Price increases effective as of December 14, 2021 (postpaid) and as of December 16, 2021 (prepaid), impacting mainly in 2022 6 telecom personal | flow#8Accesses (In thousands) personal BUSINESS EVOLUTION IN ARGENTINA Mobile Increase in postpaid and prepaid segments ■Prepaid Postpaid 10.722 11.925 +11,2% YoY - Prepaid 7.711 8.205 +6,4% YoY - Postpaid 4Q20 4Q21 Broadband Steady performance, 4.158 4.248 +2,2% YoY growing on HFC and FTTH 4Q20 4Q21 3.546 3.563 Accesses growing flow mainly leveraged on +0,5% YoY Flow platform 4Q20 4Q21 telecom 3.168 3.138 Reduction but at a slower pace -0,9% YoY (includes IP lines) 4Q20 4Q21 7 telecom personal | flow#9SERVICE REVENUES Million of P$ REVENUES BREAKDOWN -7,7% 428.665 395.697 FY20 IAS 29 FY21 IAS 29 REVENUES COMPOSITION Billion of P$ 171,1 161,1 Mobile REVENUE BREAKDOWN Handsets Other 7,0% 0,5% Fixed & Data 13,8% Pay TV 19,4% Broadband 21,3% Mobile 37,9% 90,8 97,0 82,6 89,9 68,8 58,9 29,8 26,6 2,3 1,9 Handsets Other Broadband Pay TV Fixed & Data ■FY21 IAS 29 ■FY20 IAS 29 8 Figures may not add up due to rounding telecom personal flow#10MOBILE & BROADBAND POSITIVE POSTPAID CLIENTS INFLOW(FY21) In Thousand Source: ADB Peer 1 Personal ■ Peer 2 6,7 2,0 1,0 16,5 6,8 1,4 2,4 0,3 3,9 13,9 12,4 7,6 9,4 10,8 10,6 12,3 11,4 7,6 8,0 8,1 4,4 2,3 1,4 =0,9 B1,7 -1,7 -7,9 -10,3 -9,3 -8,1 -9,9 -11,9 -14,4 -12,2 -14,3 -12,9 -9,6 -18,9 -19,0 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 BROADBAND ACCESSES BY NETWORK TECHNOLOGY 41% Postpaid Share of Total Mobile Clients MOBILE DATA USAGE GBOU/ MONTH +8% 3,9 4,2 FY20 FY21 BROADBAND SPEEDS In Thousand 89 92 120 148 1.149 1.120 1.071 1.005 177 933 + 98% YoY 70% - 19% YoY + 8% YoY 2.918 2.965 3.043 3.096 3.138 4Q20 1Q21 2Q21 3Q21 4Q21 ■ HFC ■XDSL FTTH telecom personal | flow | of clients with ≥ 50 Mb 59% 70% 41% 30% 4Q20 4Q21 ■ <50 Mb ■≥50 MB 9#11➤ BROADBAND NETWORK OVERVIEW OF OUR NETWORKS The best coverage network in the country with great performance in terms of speed HFC 81 Mbps Average Speed ➤ FLOW EXPERIENCE Flow is a meeting point for entertainment DISNEY+ flow prime video Paramount+ You Tube Video ST⭑R+ NETFLIX ➤ MOBILE NETWORK Fastest network in the country* with: 98% Almost 4G/LTE urban coverage FTTH Almost 60 % HHPP throughout the country 1 flow 85 Mbps Average Speed Games telecom personal | flow flow flow Best Download Speed 10 Music Best Upload Speed * Source: SPEEDTEST BY OOKLA#12TELECOM Revenues Million of U$S PARAGUAY EBITDA Million of U$S Revenues Breakdown Internet +11% +22% TV 15% Others 8% 9% Data Núcleo (Paraguay) 67.5% 7% 186 206 100 82 Subscribers (as of December-21) FY20 FY21 FY20 Voice 16% FY21 Browsing 45% Fixed Network Capacity (thousands homes passed) Internet subscribers (in thousands) 2.2mm 1.5x Personal 280k flow 33k billetera personal 196 569 455 135 [V 196k Personal 56k Internet FY20 FY21 FY20 FY21 11 telecom personal | flow#13REVENUES FINANCIAL HIGHLIGHTS EBITDA Million of P$ Million of P$ Historical Figures (modeling purposes) Inflation Adjusted Figures Historical Figures (modeling purposes) Inflation Adj. Figures 34,3% +39% -7% 455.234 425.493 68.145 197.953 31,9% ¦ 34,1% 31,2% 155.301 +29% 67.113 -15% 132.767 18.804 357.348 257.281 FY20 88.188 113.963 FY21 FY20 IAS 29 ■IAS 29 Adjustment FY21 IAS 29 FY20 FY21 IAS 29 Adjustment FY20 IAS 29 FY21 IAS 29 • EBITDA Margin -2% -15% SERVICE REVENUES Million of P$ Historical Figures (modeling purposes) EBITDA EVOLUTION Million of P$ Inflation Adjusted Figures -7% -8% 428.665 +37% 395.697 63.358 186.620 425.493 292.726 332.339 242.045 FY20 FY21 FY20 IAS 29 FY21 IAS 29 IAS 29 Adjustment telecom personal flow 12 132.767 Revenues Operating Costs before D&A EBITDA#14IFRS, Million of P$ IAS 29 EBITDA FY20 - FY21 -P$22.534 (-15%) YOY Variation 7.654 3.227 1.725 398 2.004 1.648 1.494 32.968 4.158 3.558 155.301 25% 132.767 12% -8% 4% -1% -6% -10% -6% -5% -21% EBITDA FY20 Ss. Revenues & Handsets other income Handsets Costs Labor Costs ITX Costs Fees for Taxes Sales services, Commisions & Programming Adv & content costs Others* EBITDA FY21 maintenance and materials EBITDA Margin 34,1% AS % OF REVENUES -1,2% -2,2% +0,1% -0,7% -0,1% -0,0% -0,1% +1,2% 31,2% 5% 22% 4% 12% 8% 6% 7% 7% * "Others" includes bad debt expenses and other costs Figures may not add up due to rounding telecom personal | flow | 13#15EVOLUTION OF OUR MAIN BUSINESS DRIVERS EVOLUTION OF INFLATION, SERVICE REVENUES, SERVICE COSTS AND LABOR COSTS DURING 2021 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% -10,0% -20,0% Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 --Inflation -Service Revenues Service Costs -Labor Costs Note: takes into account the evolution of monthly figures during FY21 (month of Dec-20=100). 14 telecom personal | flow#16CONSOLIDATED RESULTS OPERATING INCOME (LOSS) IFRS, Million of P$, Percentage Historical Figures NET INCOME (LOSS) IFRS, Million of P$, Percentage Inflation Adjusted Figures Historical Figures (modeling purposes) (modeling purposes) ■IAS 29 Adjustment +22% I Inflation Adjusted Figures -109% 9.940 63.167 51.980 (6.417) (7.704) 30.632 (25.360) I I (21.348) (2.787) (65.954) FY20 FY21 FY20 IAS 29 FY21 IAS 29 FY20 FY21 FY20 IAS 29 FY21 IAS 29 OPERATING INCOME MARGIN: 20% 18% 7% -0,7% telecom personal | flow 15#17CAPEX* Million of P$ +1,7% 84.124 85.550 FY21 CAPEX HIGHLIGHTS 2021 212 new sites were deployed, and more than 2,221 sites were upgraded FY20 IAS 29 U$S MM** 819 FY21 IAS 29 833 TECHNICAL CAPEX BREAKDOWN 55% 37% 5G We expanded our FTTH network over 10.600 new blocks. Additionally, we performed an overlay with FTTH in 4.400 blocks of our HFC network We deployed the first 5G network in Argentina, with 20 sites located in Buenos Aires City, Rosario and the Atlantic Coast Upstream capacity in the HFC network has increased by more than 27.000 blocks 8% ■Network and Technology*** ■International Capex ■ Installations and CPE • *CAPEX considers investments in PP&E and Intangible Assets **Figures in constant pesos as of December 31, 2021 converted at the BNA ask rate (102,72) *** Includes CAPEX in Datacenter/IT and other investments in Argentina. telecom personal | flow 16 8 technical buildings were removed, allowing us to unify dots of the network, thus reducing costs#18FCF GENERATION FY20 Million of P$ 155.301 CASH FLOW 586 71.763 68.897 84.124 2.866 FCF GENERATION FY21 Million of P$ 132.767 56.336 54.066 9.119 2.270 85.550 EBITDA CAPEX * WK & Others OFCF Taxes FCF EBITDA CAPEX * WK & Others OFCF Taxes FCF YoY Variation IFRS, Million -P$14.831 U$S MM** 1.512 -819 6 699 -28 671 1.293 -833 89 548 -22 IFRS, Million * CAPEX considers investments in PP&E and Intangible Assets **Figures in constant pesos as of December 31, 2021 converted at the BNA ask rate as of December 31, 2021 (102,72) telecom personal flow 17 -U$S145 526 YOY Variation#19KEY FIGURES In P$ Millions Revenues FY21 FY20 425,493 455,234 EBITDA 132,767 155,301 Gross Debt** 266,736 301,389 Cash & Equivalents 30,635 35,960 Net Debt** 236,101 265,429 Capex 85,550 EBITDA-Capex* 47,217 84,124 71,177 Ratios EBITDA Margin Interest Coverage Gross Debt / EBITDA Net Debt / EBITDA * CAPEX considers investments in PP&E and Intangible Assets ** Excludes NDF telecom personal | flow FY21 FY20 31.2% 34.1% 8.33 7.16 2.01 1.94 1.78 1.70 18#20Bad Debt / Revenues 4,1% 3,8% 3,6% 3,6% EVOLUTION OF KEY RATIOS CAPEX / Revenues 20,1% 18,5% 18,3% 18,4% 16,8% 17,2% 13,9% 14,5% 1,7% 1,8% 1,9% 1,3% III 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Gross Debt / LTM EBITDA Net Debt/ LTM EBITDA 2,05 1,82 1,78 2,04 2,03 2,02 1,70 2,01 1,60 1,61 1,60 1,46 1,37 1,94 1,94 1,78 " 1Q20 2Q20 3Q20 4Q20 1Q21 2021 3Q21 4Q21 1Q20 2020 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 telecom personal | flow 19#21DEBT MATURITY PROFILE AS OF DECEMBER 2021 Breakdown by Instrument* 2022 2023 2024 2025 2026 >=2027 Total (U$S) (million) Class 1 Notes 2026 400 400 Class 5 Notes 2025 128 128 132 389 Vendor Financing 35 25 11 4 77 IFC Loan 25 20 31 31 25 7 139 IFC New Loan 88 88 82 38 297 IIC Loan 17 17 35 Term Loan due 2022 140 140 Finnvera 17 17 17 17 11 79 IDB Loan 60 60 48 CDB Loan 13 13 13 13 Núcleo (GUA) 22 14 2230 12 181 74 36 72 Local Notes 138 92 247 477 Other (ARS) 189 189 Total 495 449 474 558 497 76 2,549 BREAKDOWN BY CURRENCY (U$S mm)1 13 13 188 138 92 307 297 347 ■RMB ■GUA ■ARS 483 20 ■ U$S 36 19 2022 2023 2024 2025 2026 >=2027 1 Figures may not add up due to rounding. Figures in dollar equivalent as of December 31, 2021, converted at the BNA ask rate (102,72). 20 telecom personal | flow 13 13 114 22 247 283#222021 TRANSACTIONS Telecom Argentina - Class 8 Notes due 2025 $8.708.598.672 133.628.950 UVA January 20, 2021 Telecom Argentina - Export credit facility guaranteed by Finnvera plc Up to U$S 30.000.000 May 14, 2021 Telecom Argentina - Class 11 Notes due 2023 $2.000.000.000 (BADLAR) December 10, 2021 * Approximately $1,771 million (US$ 19.52 million) as of the issuance date ** Approximately $1,635 million (US$ 18,02 million) as of the issuance date *** Consider an initial exchange rate of $94.73 (as of June 3, 2021) telecom personal flow Núcleo (Paraguay) - Series IV Notes due 2028 Gs.130.000.000.000* March 10, 2021 Telecom Argentina - Class 9 Notes due 2024 US$91.831.939*** (pesos dollar linked) - June 7, 2021 Telecom Argentina - IFC and IDB loans refinancing U$S 427.975.000 December 15, 2021 21 Núcleo (Paraguay) - Series V Notes due 2031 Gs.120.000.000.000** March 10, 2021 Telecom Argentina - Class 10 Notes due 2025 $12.000.000.000 126.568.927 UVA December 10, 2021 Telecom Argentina - Export credit facility guaranteed by EDC Up to US$ 23,367,200 January 3, 2022#23telecom personal flow