#1telecom personal flow Telecom Argentina 1Q22 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 1Q22 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 1Q22 Operational and Financial highlights We have achieved an EBITDA Margin of 34.7% for the first quarter 2022 → Our annual capex for 2022 will be closer to USD600mm → We continue with a strong cash flow generation → We continue increasing our prices under a local high inflation scenario → We have increased our number of clients in our Fintech Co. to 76,209 → Flow continues being our main product offering in cable → Our subsidiaries in Paraguay and Uruguay have performed according to plan ↑ ↑ ↑ ↑ ↑ We are currently negotiating the refinancing of our main debt maturity this year which amounts to USD140MM We have launched our IOT and cybersecurity businesses We have increased the number of clients (vs. 1Q21) in our three main products We continue analyzing additional drivers of growth related to our industry 3 ↑ We will pay dividends in kind before June 30, 2022 We are analyzing the possibility of buying 110 thousands MW of renewable energy which represents around 18% of the total MW consumed by the company. This, will also allow us to reduce our carbon emissions in a 17% coming from a total of 281 thousand tons. telecom personal | flow#5telecom 1Q22 IN FIGURES Revenues EBITDA EBITDA Margin 1.1 U$S BN* 0,4 U$S BN* 34.7% Million mobile 20.2 subscribers in Argentina 2.3 3.5 Million Pay TV subscribers 4.2 Million broadband subscribers Million fixed subscribers ** Million 2.1 convergent unique clients Of broadband 50% clients also are mobile clients 2.2 Million mobile subscribers in Paraguay 134 * Figures in constant pesos as of March 31, 2022 converted at the BNA ask rate (111,01) **Not including IP lines Thousand Pay TV subscribers in Uruguay 4#6INFLATION EVOLUTION Weighing within the index Food and non-alcoholic beverages 26.9% Transport 11.0% Clothes and Shoes 9.9% 1Q22 Inflation: 16,1% Housing water, electricity and other fuels 9.4% Restaurants and hotels 9.0% Healthcare 8.0% Mar-22 Inflation: 6,7% 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% 67.8 67.3 59.7 55.1 56.9 54.5 54.3 48.8 48.7 48.0 43.4 38.3 30.6 Total CPI index Restaurants and Clothes and hotels Shoes Food and non- alcoholic Transport Healthcare Education beverages *Source: INDEC - March 2022 figures - YoY Inflation = 55,1% telecom personal flow 5 Alcoholic Home furnishing Other goods and Recreation and beverages and and maintenance services culture tobacco Housing water, Communications | electricity and other fuels#7PRICE INCREASES DURING 2022 Jan-22 Apr-22 Jan-22 Apr-22 Mobile Postpaid Mobile Pay TV +15%* +11%** Pay TV subscription +13% +12%*** services Prepaid Mobile +16%* +11% Additional services Up to 15% +12% Jan-22 Apr-22 Jan-22 Apr-22 Broadband Broadband XDSL services +16% +12% Fixed Voice Basic services +16% +12% Broadband +13% +9% HFC and FTTH services *Price increases effective as of December 14, 2021 (postpaid) and as of December 16, 2021 (prepaid), impacting mainly in 2022 **Price increases effective as of March 28, 2022. *** Flow HD services will increase by 9% telecom personal flow 6#8Accesses (In thousands) personal BUSINESS EVOLUTION IN ARGENTINA Mobile ■Prepaid Postpaid 10,930 11,851 +8,4% YoY - Prepaid Increase in postpaid and 7,866 8,312 prepaid segments +5,7% YoY - Postpaid 1Q21 1Q22 Broadband 4,172 4,238 Steady performance, growing on HFC and +1,6% YoY FTTH 1Q21 1Q22 3,525 3,535 flow Accesses growing mainly leveraged on +0,3% YoY Flow platform 1Q21 1Q22 telecom 3,158 3,104 Reduction but at a slower pace -1,7% YoY (includes IP lines) 1Q21 1Q22 7 telecom personal | flow#9SERVICE REVENUES Million of P$ REVENUES BREAKDOWN -8,6% 119,612 109,378 1Q21 IAS 29 1Q22 IAS 29 REVENUES COMPOSITION Billion of P$ REVENUES BREAKDOWN Handsets Other 6.8% 0.8% Fixed & Data 12.6% Pay TV 18.6% Broadband 22.5% Mobile 38.7% 45.4 47.3 26.4 27.1 21.8 25.9 14.8 18.4 8.0 8.4 1.0 0.9 Mobile Broadband Pay TV Fixed & Data Handsets Other 1Q22 IAS 29 ■1Q21 IAS 29 Figures may not add up due to rounding telecom personal flow 8#10Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 BROADBAND ACCESSES BY NETWORK TECHNOLOGY Oct-21 7 2 2 1 9 0 11 8 8 48 4 4 14 16 7 12 11 12 11 7 5 -2 -2 -8 -6 -9 -6 -10 -12 -12 -14 -13 -10 -12 -19 -11 -16 ■ Peer 1 Personal Peer 2 MOBILE & BROADBAND POSITIVE POSTPAID CLIENTS INFLOW(LTM1Q22) In Thousand Source: ADB 41% Postpaid Share of Total Mobile Clients MOBILE DATA USAGE GBOU/ MONTH +16% Nov-21 Dec-21 telecom personal flow | 1Q21 2Q21 3Q21 4Q21 1Q22 ■ HFC ■XDSL FTTH In Thousand of clients with 92 120 148 177 206 + 125% YoY 74% ≥ 50 Mb 1,120 1,071 1,005 933 863 ← - 23% YoY +7% YoY 2,965 3,043 3,096 3,138 3,168 61% Jan-22 Feb-22 Mar-22 5.0 4.3 1Q21 1Q22 BROADBAND SPEEDS 39% 26% 1Q21 1Q22 ■ <50 Mb ■≥50 MB 9 74%#11OVERVIEW OF OUR NETWORKS BROADBAND NETWORK The best coverage in the country Great performance in terms of speed Almost 60% HHPP throughout the country HFC FTTH 1 85 Mbps Average Speed 88 Mbps Average Speed . ➤ MOBILE NETWORK We continue being the fastest network in the country* * Source: SPEEDTEST BY OOKLA Almost 98% 4G/LTE urban coverage ➤ FLOW EXPERIENCE Our premium IP TV product A meeting point for entertainment telecom personal | flow G G Best Upload Speed Best Download Speed Access to new content and streaming platforms Paramount+ prime video Gaming tournaments flow flow Disney+ STR+ Video You Tube NETFLIX 10 Games Broadcasting of live shows flow Music#12telecom Revenues Million of U$S Núcleo (Paraguay) 67.5% Subscribers (as of March - 22) PARAGUAY EBITDA Million of U$S Revenues Breakdown Internet 17% Others +2% +4% 12% TV 8% Data 51 52 23 24 6% Voice 15% 1Q21 1Q22 1Q21 1Q22 Browsing 42% Fixed Network Capacity (thousands homes passed) Internet subscribers (in thousands) +35% 2.2mm Personal ☐ 276k flow 36k 209 billetera personal 155 601 456 [V 209k Personal 52k Internet 1Q21 1Q22 1Q21 1Q22 11 telecom personal | flow#13PERSONAL PAY - HIGHLIGHTS 76,209 Onboarded Clients 5.1x vs Dec - 21 TPN 109,814 Total Payment Number Growth stage value proposal ➤ Benefits in strategic shops (supermarket, cinemas, restaurants, gas stations) ➤ The best Fintech to perform recharges for a prepaid customer (cashbacks, recharge increases) Almost 20% are clients from other telco operators TPV Total Payment Volume Breakdown ➤ The preferred payment method for a postpaid client (savings in monthly bill payments) 34,001 Prepaid Card Accounts 7.8x vs Dec - 21 telecom personal | flow Д 10% 16% 43% The only Fintech that a client can use without consuming mobile data ■ Tienda Personal - Handset purchases ■ Bill Payments - Telecom products Prepaid Card (without Tienda Personal) 31% Others 12#14FINANCIAL HIGHLIGHTS REVENUES EBITDA Million of P$ Million of P$ Historical Figures (modeling purposes) Inflation Adjusted Figures Historical Figures (modeling purposes) +40% -8% 37.8% 128.036 117.372 6,792 Inflation Adj. Figures 35.8% 36.4% 34.7% 46.602 40.691 48,915 110,580 79,121 1,068 16,680 39,623 29,922 1Q21 1Q22 1Q21 IAS 29 ■IAS 29 Adjustment 1Q22 IAS 29 1Q21 1Q22 IAS 29 Adjustment 1Q21 IAS 29 1Q22 IAS 29 EBITDA Margin SERVICE REVENUES Million of P$ Historical Figures (modeling purposes) +40% EBITDA EVOLUTION Million of P$ Inflation Adjusted Figures -8% 119.612 -9% 109.378 6,309 117,372 45,719 103,069 73,893 1Q21 1Q22 1Q21 IAS 29 1Q22 IAS 29 IAS 29 Adjustment telecom personal flow 13 -6% -13% 76,681 40,691 Revenues Operating Costs before D&A EBITDA#15IFRS, Million of P$ IAS 29 EBITDA 1021 - 1022 -P$5.911 (-13%) YoY Variation 983 372 1,938 1,916 57 1,366 1,440 10,234 430 439 46,602 24% 40,691 -9% -5% -1% 2% -5% -13% -10% -21% -28% EBITDA 1Q21 Ss. Revenues & Handsets Handsets Costs Labor Costs ITX Costs other income Sales Fees for services, Taxes Commisions & Programming Adv & content costs Others* EBITDA 1Q22 maintenance EBITDA Margin and materials 36,4% -0,4% -2,1% +0,8% +0,6% +0,1% -0,2% +1,0% -1,7% 34,7% AS % OF REVENUES 5% 21% 3% 11% 8% 5% 6% 6% * "Others" includes bad debt expenses and other costs Figures may not add up due to rounding telecom personal flow 14#16OPERATING INCOME IFRS, Million of P$, Percentage CONSOLIDATED RESULTS Inflation Adjusted Figures Historical Figures (modeling purposes) ■IAS 29 Adjustment +35% 25,383 18,808 -85% 8,356 1,257 I (10.452) (24.126) NET (LOSS) INCOME IFRS, Million of P$, Percentage Historical Figures (modeling purposes) Inflation Adjusted Figures 94% I (7.249) (452) +70% 23,745 13,978 1Q21 1Q22 1Q21 IAS 29 1Q22 IAS 29 1Q21 1Q22 1Q21 IAS 29 1Q22 IAS 29 OPERATING INCOME MARGIN: 24% 23% 7% 1% telecom personal | flow 15#17CAPEX* Million of P$ -25% 22,034 16,536 1Q21 IAS 29 1Q22 IAS 29 U$S MM** 198 164 TECHNICAL CAPEX BREAKDOWN 48% 42% 10% ■Network and Technology** ■International Capex ■ Installations and CPE 1Q22 CAPEX • *CAPEX considers investments in PP&E and Intangible Assets **Figures in constant pesos as of March 31, 2022 converted at the BNA ask rate (111,01) *** Includes CAPEX in Datacenter/IT and other investments in Argentina. 16 telecom personal | flow HIGHLIGHTS ((x)) 7 new sites were deployed, more than 20 were built and another 180 sites were upgraded We added 2.537 FTTH blocks considering expansions and overlay over our HFC network Upstream capacity in the HFC network has increased by 10,000 blocks 10 technical buildings Re-allocating throughout the year#18FCF GENERATION 1Q21 Million of P$ CASH FLOW FCF GENERATION 1022 Million of P$ 46,602 20,176 19,725 22,034 4,392 451 40,691 16,536 14,726 14,005 9,429 721 EBITDA CAPEX * WK & Others OFCF Taxes FCF EBITDA CAPEX * WK & Others OFCF Taxes IFRS, Million -P$5.720 FCF YoY Variation U$S MM** 420 -198 -40 182 -4 178 367 - -149 -85 133 -6 126 YOY IFRS, Million * CAPEX considers investments in PP&E and Intangible Assets **Figures in constant pesos as of March 31, 2022 converted at the BNA ask rate as of March 31, 2022 (111,01) telecom personal flow 17 -U$S52 Variation#19KEY FIGURES LTM1Q22 In P$ Millions Revenues FY21 483,204 493,868 EBITDA 148,191 154,102 Gross Debt⭑** 298,448 309,226 Cash & Equivalents 46,593 35,558 Net Debt** 251,855 273,668 Capex 93,800 99,298 EBITDA-Capex* 54,392 54,805 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 LTM1Q22 FY21 30.7% 31.2% 10.17 8.33 2.01 2.01 1.70 1.78 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% 2.7% 13.9% 14.5% 14.1% 1.8% 1.7% 1.9% 1.3% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 1Q20 Gross Debt/ LTM EBITDA 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Net Debt/ LTM EBITDA 1.82 1.78 2.05 2.04 2.03 2.02 1.70 1.70 2.01 2.01 1.60 1.61 1.60 1.46 1.37 1.94 1.94 1.78 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 * CAPEX considers investments in PP&E and Intangible Assets telecom personal flow 19#21DEBT MATURITY PROFILE AS OF MARCH 2022 Breakdown by Instrument* 2022 2023 2024 2025 2026 >=2027 Total (U$S million) Class 1 Notes 2026 400 400 Class 5 Notes 2025 128 128 132 389 Vendor Financing 28 28 14 7 1 76 IFC Loan 13 20 31 31 25 7 126 IFC New Loan 44 88 82 38 253 IIC Loan 17 17 35 Term Loan due 2022 140 140 Finnvera 20 20 20 20 12 90 IDB Loan 60 60 48 12 181 CDB Loan 17 17 17 17 25 93 Núcleo (GUA) 22 14 36 72 Local Notes 162 92 255 23 532 Other (ARS) 209 63 271 Total 453 543 482 575 502 103 2,659 BREAKDOWN BY CURRENCY (U$S mm)1 17 17 225 92 209 244 302 352 RMB ■GUA ■ARS 485 25 ■ U$S 36. 23 19 2022 2023 2024 2025 2026 >=2027 1 Figures may not add up due to rounding. Figures in dollar equivalent as of March 31, 2022, converted at the BNA ask rate (111,01). 20 telecom personal | flow 17 17 14 22 255 288#22telecom personal flow