Telecom Argentina S.A. has had a fairness opinion conducted

The Board of Directors of Telecom Argentina S.A. has had a fairness opinion conducted

Telecom Argentina provides fixed-line telecommunications and other telephone-related services to residential customers, businesses and governmental agencies in Argentina and internationally. The company operates in three telecommunications segments: fixed services, personal mobile services and núcleo mobile services.

Cablevisión Holding S.A. (CVH) is the first Argentine holding company that engages in the development of infrastructure and the provision of convergent telecommunications services, focusing on the country and the region. CVH was created as a result of the spin-off process of Grupo Clarín S.A. Today it holds an equity interest of 39.08% in Telecom Argentina after a merger process with Cablevisión S.A., including all of its brands: Cablevisión, Fibertel and Personal. The group focuses its investments on the telecommunications sector through the distribution of video, voice and data under the global technological convergence process, which tends towards the integrated provision of ICT services.

Oaklins' team in Argentina provided a fairness opinion.