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Contacts : Fernando Balmaceda ( 5411 ) 4968 5222 Solange Barthe Dennin ( 5411 ) 4968 3752 TELECOM Telecom Argentina S.A. announces consolidated results for the first quarter of fiscal year 2021 ( " 1Q21 " ) * Market Cap P $ 312.8 billion May 10 , 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 1Q21 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally , comments related to variations of results of 1Q21 and vs. 1Q20 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 March 31 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 12 . For comparative purposes , it is important to highlight that the results restated by inflation corresponding to March 2020 contain the effect of year over year inflation as of March 2021 , which amounted to 42.6 % . * Unaudited non financial data Consolidated Revenues of Telecom Argentina amounted to P $ 82,547 million in 1Q21 , of which Service Revenues totaled P $ 77,116 million ( -9.2 % in real terms vs. 1Q20 ) , in a context where inflation still remains pretty high . Mobile clients in Argentina reached 18.8 million in 1Q21 ( -43 thousand vs. 4Q20 ) . In turn , cable TV subscribers totaled approximately 3.5 million ( -41 thousand vs. 4Q20 ) , while broadband accesses amounted to almost 4.2 million ( +12 thousand vs. 4Q20 ) . Operating Income before Depreciation and Amortization amounted to P $ 30,045 million ( -4.4 % vs. 1Q20 ) in 1Q21 due to a strict cost control . Meanwhile , Operating Income totaled P $ 5.387 million ( -34.5 % vs. 1Q20 ) . The Company registered a Net Income of P $ 9,012 million in 1Q21 ( + 139.2 % vs. 1Q20 ) , where the drop in Operating Income mentioned above was more than offset by accounting profits from FX differences . The exchange delay avoided the impact of losses in results due to the revaluation of the debt in dollars , as had happened in 1Q20 . Investments ( including rights of use assets ) reached P $ 19,522 million in 1Q21 , equivalent to 23.6 % of Consolidated Revenues . Net Financial Debt amounted to P $ 185,425 million in 1Q21 , ( -3.1 % in real terms vs. 1Q20 ) . 1