-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PXab81FSI1FZePjgQAwubTqzqaWCh70PY12DTS8nhClBQUPhRPd7VeZVyJHxuvwV
 HqCGw+hAHtNty1CvIwwTRA==

<SEC-DOCUMENT>0001193125-05-004409.txt : 20050111
<SEC-HEADER>0001193125-05-004409.hdr.sgml : 20050111
<ACCEPTANCE-DATETIME>20050111115206
ACCESSION NUMBER:		0001193125-05-004409
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050111
FILED AS OF DATE:		20050111
DATE AS OF CHANGE:		20050111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELECOM ARGENTINA SA
		CENTRAL INDEX KEY:			0000932470
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		05522668

	BUSINESS ADDRESS:	
		STREET 1:		MAIPU 1210
		STREET 2:		PISO 9
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			1006
		BUSINESS PHONE:		5419684000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="5"><B>FORM 6-K </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>Report of Foreign Issuer </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Pursuant to Rule
13a-16 or 15d-16 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>of the Securities Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>For the month of January, 2005 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Commission File Number: 001-13464 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="6"><B>Telecom Argentina S.A. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Translation of registrant&#146;s name into English) </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Alicia Moreau de Justo, No. 50, 1107 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Buenos Aires, Argentina </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="17%"
SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark whether the registrant files or
will file annual reports under cover of Form 20-F or Form 40-F: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">Form 20-F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark whether by furnishing the information contained in this Form, the
Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): <U></U>N/A </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Telecom Argentina S.A. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">
<A NAME="toc"></A>TABLE OF CONTENTS </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="97%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Item</B></FONT></P><HR WIDTH="23" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx38381_1">Free translation of the letter dated January 5, 2005, which was filed at the local exchange, announcing that the Telecom Group has implemented a new organizational model. </A></FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Item 1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>
<A NAME="tx38381_1"></A>FREE TRANSLATION</U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><B><U>FOR IMMEDIATE
RELEASE</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right">

<IMG SRC="g38381images1.jpg" ALT="LOGO"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Buenos Aires, January 5, 2005
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>BUENOS AIRES STOCK EXCHANGE</U> </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Sirs, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">RE.:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information under Article 23<FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>rd</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"> of Listing Regulation &#150; New Organizational Model of Telecom Argentina S.A.</FONT></U><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"></FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I am writing you as <B>Responsible for
Market Relations</B> of Telecom Argentina S.A. (&#147;Telecom Argentina&#148; or the &#147;Company&#148;) to inform you that the Telecom Group, conformed by the Company and its controlled subsidiaries, has decided to implement a new organizational
model, where a new unit dedicated to the fixed telephony business was created. This unit will be joined to the existing one that is dedicated to the cellular business (represented by Telecom Personal S.A.). </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Telecom Group will adjust the rest of the corporate functions under this new
organizational model. Both units (fixed telephony and cellular) will report to the <B>Chief Executive Officer, Mr. Carlos Felices</B>. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Moreover, <B>Mr. Edmundo Poggio</B> was designated as <B>General Director of the Fixed Telephony Unit</B>, while <B>Mr. Carlos Felices</B> will be <B>General Director</B>
of <B>Telecom Personal</B> (the Cellular Unit), in an interim manner. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The
Telecom Group, market leader in the telecommunications business, has designed this new organizational model in response to the changing needs of its business and to continue with the most effective and responsive offer for its clients. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Sincerely, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Pedro Gast&oacute;n Insussarry </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Responsible for Market Relations </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">SIGNATURES </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5"><FONT FACE="Times New Roman" SIZE="2"><B>Telecom Argentina S.A.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: January 11, 2005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">/s/ Alberto Yamand&uacute; Messano</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Alberto Yamand&uacute; Messano</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Director</FONT></TD></TR>
</TABLE>
</BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g38381images1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g38381images1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D
M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`,
M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\``$0@`0`!]`P$1``(1`0,1`?_$`)H```$$`P$!````````
M```````$!08'`@,(`0D!`0`#`0$!```````````````!`P0"!080``$#`P,!
M!08$`@<)``````$"`P0`!081$@<A,4$3%`A188$B,A61H2,S<;%"4F)R@K0W
MLH.S)$1T=187$0`"`@(`!0(&`P$``````````0($$0,A,1(4!6$305%Q(C)2
MD:%",__:``P#`0`"$0,1`#\`U<S<@>I3";Q<KFJ:F#B;UQ=CV9SP8#I+1*U,
MITV+<_;1_2H"4<!Y+ZA,DN]NO>42$R<)G1WUMOAN$WN6-4MG1I*7A\Z:`C/+
M?,',<'FN3A6)79##3SL6/;XJV(JAXDAI!T+CK:E=5J[S0$\XUB>J%K,82\YF
M1GL:`=\XAKR6XGPU>'IX*$K^O3L-`-_JHY4SK!%XZ,7N(@">)1E:LLO;O"+>
MS]Y"]--Y[*`NC$+A+N&)V6?+7XDN7!C/R'-`G<XXTE2CHD`#4GNH#G;F?ECF
M"W<TC"L-NB([<M,1N%%6Q%4"](0"=7'FU'JH]YH"5\?0_54WF%M7F4R*YC06
MO[BVWY'<4>&K;IX3:5_7M[#0&?/_`*A96"3F,:QN,W,R62VEUUQX%;<=#A(;
M`0D@K<7V@=FGMUH"*VV=ZSFFX=VDH:D0UK0IZWK:@![PUG0[VD!MP:`ZZ!6H
MH"9^H7GF5QVS"M%D9;D9'<6R\EQX%3;#(.T+*`05+4H':.SI0%97;D'U98A9
M(F77_P`%ZQN%"G8[K$7Y$N_0'TL)0ZWKKIV]#VT!?_%O)D3D#!&LCBM^5D@.
M,S8NNX-26DZJ`)[4G4*3[C0'*=C]4?+C&20W+M>!(LC<Q")[7E(J0IG?\Z=Z
M&DJ!V:]AUH"[O4US%D&&6NPQ,2F!B[7=Q3_C):;?)C(2``E+B5I^=:QW=U`4
MK$]27,SF%W2Y+OH,V-<K?&9<\I$Z-2&)JW4[?"T.Y4='=W4!;WK3_P!-+7_Y
M9O\`R[U`3GTY_P"BN+?]NY_QW*`YFYNM_P!Q]3;\#[@;5YJ3`:^Y!6TQ][#0
M\7=JC3;V]HH"\>+>.F\=S&/<5\H*R;]-UE%H<DAP+4XGZ@GS#NI3V_30$$]<
M7[F(_P!V;_-F@+NX\S_!W,6QNUMW^WKN2H,..F&F2T72[X*$^&$!6[=KTTH#
MFOGRW?<O4PQ;Q<3:/-?;VON@5L,?<V!XH5N1IM[?J%`6WQIQNWC^9P;FOE1>
M1AOQ4)L[DD+#RG&U('R^8=U*==WTT!4O.ZW,6]2L+);Q'4[:5/6^X-=-P<8C
MA"'`G7M*5-GI0'5,?E#CN1;FKDUDEN,-[;X:S):225=B=A.X*]VFM`<N^K&)
M(M?,EDO\MHNVQV-%<;'717E7B76^O370@_&@+9YYY1P.=PK<O)7:+,=OC#;5
MNC-.(4Z5+6E6JFP=R-@2==PZ4`V>C^VS(W%-VE/ME#$V<\N*H]-Z$,I0I0]V
MX$4!SWB&*B_<;<AOMHW2K*Y"N#/34[$N/(>T_P!VHGX4!*.-)=SY0Y"M4NZ-
ME</#["0YN.]*C#94AI1U[UNK"OA0%802?_G%[/?]YM/^5N5`?0+DCC/'.0K.
MQ:+^7Q$C2!*;\LX&U>(E"D=20KIHLT`YX?BMLQ/&X./6LN&!;T%N.7E;W-%*
M*SN4`->JO90$#S;TV<=YEDLO(KPJ<+A,V>,&'TH;_30&TZ)*%=R?;0&O#_3+
MQOB62P<AM2IQN%O4I;'C/I6WJI"D'<D(3KT4:`?^3.&\1Y&5`5D*I0-M#@C^
M6=#?[VW=NU2K7Z!0$7Q[TK<86"_0+W!5<#-MK[<F.')"5(\1I04G</#&HU%`
M.6>>G3C[.,C>R&]JFB>^AMM88>2A&UI.U.B2A7=[Z`18MZ7N-,9R*!?[:J>9
M]N=#\<.OI4C<`1\R0@:CK[:9!.LUX^Q+-;:+=DEN;G,()4RLDH=:4>A4VXG1
M2?QH"M8_I#XDCRFY"?N*E-+"TH,D::I.HZA`/YT!9>:8#BN:6?[3D<%,V*D[
MV5$E+K:P--[;B?F2=/QH"MHGI$X?CRT2%LSI*$*W&.[)_35UUT5M2E6GQH"W
MX%HMMOM;5KM\=N)`8:\%B,RD(0A&FFB0*`@^%<%8/A\6]Q+6)+L?(&?+W%$E
MT.`MZ+'RZ)3I^X:`SX_X.PG`V;JW8Q))O#08E.R'0XL-@*&U!"4[?K-`1IKT
MG\6MV>3:4KN/E9<B/*=)D)W>)&0\VWH?#[-)*]?A0%S4`4`4`4`4`4`$@=M"
M&8%YD=JTC^)%,$90!UH]BP?X$5.!E&=0=!0!0!0!0!0!0!0!0!0"*YWBV6N.
M9%PDMQFD]=SB@/P]M=PURGR13MWQUK,W@A,SER&\M3=EB^9`Z><DK$=@>_57
MS'X"ML?'R_T>7+RZ?_-9]6-4O.T.=;EF#$/7MC6M@N*'N\5S7_9JQ56N4/Y,
M\_()_GM4?2*&F1F/&VO_`#5QO5R5WE;JT)/^%!0*NC6W_!11FE=J_&6R0E.9
M<2`Z_9YSOO6\X?YN5/;6/FCCO:?Z29ZC,>)2>EKN#']IMYT?R<IVUC]D3WU/
M]9(6,9E@`T,*^WJVK[@I9=0/\+@77,JVY\XQ99&[77XSV1':-G\IGYK?DD"[
MH'_3S6S%>/N"TZI_*JI5?G%Q^AIAY!K\9J?U'FV\MV-;R8]W;7;'CT"U$.,*
M/M#B-1^-4SH32S'B:M7EM;>)_:_Z)M&EQI3*7HSJ7FE?2X@A0/Q%87%Q>&>I
M&:DLKBC=0Z"@"@#K0&#CK;2%..*"$)&JE*.@`HDV1*22RRK,[YICV]2X%A2'
MY0U"I*OH2?=[:]2MXYRXR/G[_F>A].OF4W<[I>KW)5(G/N2GE'7YR=!_='8*
M]K7KAK6$CYC9MV;7F7$Q1:;@\/F"BGN!ZU+DCE:I/F*VL8E*'77\*X>U(MC5
MD*F\2>(Z@UP]Z+8TF;1AZ^S::>^CKLF!PY?]4T]\=DS0YB3X[`:>^F5NFQ*[
MC,M/M/\`&NX[4<.HT)';7.:24D$H]@)T_"K(S17+3,78_EF1XW(#EOD+:2#\
MT=9);4/>DU5NT0V+BBZM=VZ']K+RP;EFU9"E,:9I#N7>V3\BC_9->'9HRU\5
MR/JZ'EH;N$N$B>Z]!6`]CZ'M!DUOO(9;4XX=$)&I-3&.60VDBK,YR&Y7+=$C
ME3<7LVC4$_QKTZVI1XL^?O6)372N1"(F$.ON>(X@DGOK>[.#RH4.KB2:!@6@
M'Z7Y5DG9XF[7X\?HF"'0?I_E53L^IKA1]!T9P8#J4"JG9-*HBQ&&-`=4BN'8
M.U31L&&L>P5'<$]F@5AK)[A3N">R1I7A39[$BI5@Y=)"*1@P(Z-@U8K!7*@-
M4S`SH?T_RJR-HS2HD>N.!:@_I?E6J-DQ[*!'EXA(AOAUM)24G4$>ZK^X4EAF
M+M'!Y7,M#!\GEH91"N!*TC0(</:/C7E6="?%'OT;4N4B?;T[-VOR]N[NT]M8
M,'L9$=UB.R6O#1V=]=ZW@JVQ;&9G#FU.;W>SMTJ]V69E27Q':/8H+`T"-WO-
M4RVMFB&B*%J&&D#1*`/A7'4RU12-@'NJ&Q@.M02'6C0"F!D-*8)R'6I(#2@`
MC7M&M!@U.16'!\S8-=*31RX(;Y6.0'P?ET)KN.UHHG6C(;/_`%'PG=S6FE7>
;_E%*J=+X#UY9_P"W>!_2[/A6?/$T]+Z<'__9
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
