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<SEC-DOCUMENT>0001193125-06-068776.txt : 20060330
<SEC-HEADER>0001193125-06-068776.hdr.sgml : 20060330
<ACCEPTANCE-DATETIME>20060330170611
ACCESSION NUMBER:		0001193125-06-068776
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060330
FILED AS OF DATE:		20060330
DATE AS OF CHANGE:		20060330

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:		06724031

	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:3px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 6-K </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;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:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="3"><B>Report of Foreign Issuer </B></FONT></P> <P STYLE="margin-top:12px;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:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>For the month of March, 2006 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Commission File Number: 001-13464 </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;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="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Alicia Moreau de Justo,
No.&nbsp;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="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><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:12px;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:12px;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:12px;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:12px;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:12px;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:12px;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:12px;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:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><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>N/A</U> </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</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>
<A NAME="toc"></A>Telecom Argentina S.A. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">TABLE OF CONTENTS </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</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" ALIGN="center"> <P STYLE="margin-left:0px;margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Item</B></FONT></P></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="#tx10971_1">Letter to the Buenos Aires Stock Exchange dated March 29, 2006 entitled &#147;Documentation of the General Ordinary and Extraordinary Shareholders Meeting summoned for April 27, 2006.&#148; </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">Item 1 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>
<A NAME="tx10971_1"></A>FREE TRANSLATION</U></B></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;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">

<IMG SRC="g10971img1.jpg" ALT="LOGO"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Buenos Aires, March&nbsp;29, 2006 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><U>BUENOS AIRES STOCK EXCHANGE </U></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">Dear Sirs, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I><U>RE.: Documentation of the General Ordinary and Extraordinary Shareholders Meeting summoned for
April&nbsp;27, 2006 </U></I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I am writing you as <B>Attorney-in-fact </B>of <B>Telecom Argentina S.A.</B> (&#147;Telecom Argentina&#148; or the
&#147;Company&#148;) to present the documentation of the referred Shareholders Meeting that was summoned by the Board of Directors of the Company, in its meeting N&ordm; 200 held on March&nbsp;28, 2006. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">We hereby attach: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Relevant part of the Minutes of the Board of Directors Meeting No.&nbsp;200, that includes the proposals of the Board with respect to the matters submitted for the consideration of
the Shareholders Meeting. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Notice of Summons of the Shareholders Meeting. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Minute N&ordm; 31 of the Audit Committee with the opinion regarding the reasonability of the proposals of the Board of Directors to the Shareholders Meeting in respect to: i)
designation of External Auditors for Fiscal Year 2006; ii) Remuneration to the Board of Directors for Fiscal Year 2006; and iii) Fees of the External Auditors for the Financial Statements of Fiscal Year 2005. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Sincerely, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Mar&iacute;a
Delia Carrera Sala </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Attorney-in-fact </B></FONT></P>

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<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">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>TELECOM ARGENTINA S.A. </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Minutes of the Board of Directors Meeting No.&nbsp;200 </U></B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>(Relevant Part) </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In the City of Buenos Aires,
on March&nbsp;28, 2006, at 10:30 AM, the acting Directors and acting members of the Surveillance Committee that sign below meet at the Corporate Building of Telecom Argentina S.A. (&#147;Telecom Argentina&#148; or the &#147;Company&#148;). The
C.E.O. of the Company, Mr Carlos Felices, is also attending the meeting. The Chairman of the Board of Directors chairs the meeting that after checking the existence of quorum, submits for the consideration the following issues: </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>I.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>SUMMONS TO THE GENERAL ORDINARY AND EXTRAORDINARY SHAREHOLDERS MEETING AND SPECIAL MEETING OF CLASS &#147;C&#148; SHAREHOLDERS.</U></B> </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Vazquez states that it corresponds to set a date for the Shareholder Meeting that will deal with the documentation related to the seventeenth fiscal year closed
on December&nbsp;31, 2005, as well as to determine the Agenda, and proceed with the summons. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">With respect to the Retained Earnings, the proposal to absorb
losses with the Legal Reserve and the Adjustment of the Capital Stock Account, the treatment of this matter is competence of the Extraordinary Shareholders Meeting, as the Regulation of the <I>Comisi&oacute;n Nacional de Valores</I> determines that
the Adjustment of the Capital Stock Account is part of the &#147;Capital Stock&#148; of the Company to the effects of the Article 206 of the Argentine Corporate Law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Mr.&nbsp;Vazquez adds that the Executive Committee of the Employee Stock Ownership Program (the &#147;PPP&#148; or the &#147;Program&#148;) under which the Class &#147;C&#148; Shares of the Company are affected, has
requested by means of a note received on March&nbsp;20, 2006, to include in the Agenda of the Annual Shareholder Meeting &#147;<I>an item that allows to delegate to the Board of Directors the powers to convert the Class &#147;C&#148; Shares of the
PPP into Class &#147;B&#148; Shares in accordance to the By-Laws of Telecom</I>&#148;, expressing that &#147;<I>such delegation in the Board of Directors would allow the liquidation of the Program in a more agile and orderly manner, in accordance to
the need of both the Company and the Program</I>&#148;. Moreover, the Executive Committee of the Program has informed that it has called for a Federal Meeting of the PPP for March&nbsp;31, 2006 in order to deal with a Report of the situation of the
PPP, the course of action to be take with respect to the liquidation of the Guarantee and Repurchase Fund and the granting of a mandate to the Executive Committee to vote in the next General Ordinary Shareholders Meeting of Telecom Argentina.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Chairman of the Board expresses that the Class C Shares that are included in the Capital Stock of Telecom Argentina amount to 45,932,738, of which the
majority forms part of the Guarantee and Repurchase Fund of the PPP, and the rest is under the name of individual holders as registered in the Shareholders Registrar of the Company that is being managed by the Caja de Valores S.A.. These individual
holders have also requested the Company to convert their shares into Class &#147;B&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">With respect to the legal situation of the shares of the
Guarantee and Repurchase Fund, reports have been requested to the Banco Ciudad de Buenos Aires (Trustee of the Program) and the Caja de Valores S.A., that in turn have responded on March&nbsp;20, 2006 and March&nbsp;21, 2006, where it arises that to
such dates an amount of 41,328,611 Class &#147;C&#148; </FONT></P>

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<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">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Shares are restricted due to legal actions. Mr.&nbsp;Vazquez adds that it must be noted that in March 2000 the Company received a note from the Overseer of the PPP where it was informed that a judicial resolution related to the case
&#147;<I>Garcias de Vicchi, Amerinda y Otros c/Sindicaci&oacute;n de Acciones Clase &#147;C&#148;&middot;del Programa de Participaci&oacute;n Participada</I>&#148; where a precautionary action ordered <B>the suspension</B> of the Extraordinary And
Special Shareholders Meetings of Class &#147;C&#148; Shares that the Board of Directors of Telecom had summoned for March&nbsp;14, 2000 to deal with the conversion of the shares of Class &#147;C&#148; into &#147;Class &#147;B&#148;. This
precautionary action was ordered on the amount of 45,932,738 Class &#147;C&#148; Shares that at that time were part of the Guarantee and Repurchase Fund, and the mentioned Meetings were able to deal with and approve the conversion of Class
&#147;C&#148; Shares that were not part of the Guarantee and Repurchase Fund. Up to date, the Company has not received any notification with respect to the validity or the lifting of the mentioned precautionary action. With respect to this legal
situation &#150; the Chairman adds that &#150; in the case the request of the Executive Committee of the PPP is accepted, the treatment of the item of the Agenda should be conditioned to the determination within the period that if left until the
Shareholders Meeting is held, of the legal feasibility of the issue and in such case the item should be accepted. In this sense, consultation and legal opinions that the Board of Directors deems necessary must be requested or obtained. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Directors exchange ideas with respect to the request of the Executive Committee of the PPP and resolve to accept such request under the condition expressed by the
Chairman of the Board with respect to the need to determine the legal feasibility of the treatment of the issue by the Shareholders Meeting. Moreover, it is resolved by unanimous decision to inform the Executive Committee of the Program that the
process of conversion and subsequent sale by the holders of the converted shares must be done in accordance to the best market practices and taking into account the interest of all shareholders. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">After deliberation on all that expressed by the Chairman, the Board of Directors resolves by unanimous decision to summon the Shareholders of the Company to a General
Ordinary and Extraordinary Shareholders Meeting and a Special Meeting of Class &#147;C&#148; Shares to be held on <B>March&nbsp;27, 2006 at 10:00 AM, for the first call and 11:00 AM</B> for the <B>second call</B> (for those issues related to the
Ordinary Shareholders Meeting) at the Corporate Building located at Ave. <B>Alicia Moreau de Justo 50, Ground Floor, Buenos Aires, Argentina,</B> in order to consider the following: </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>AGENDA </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Appointment of two shareholders to approve and sign the Minutes. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Review of the documents provided for in Section&nbsp;234, Subsection 1 of Law N&ordm; 19,550, the <I>Comisi&oacute;n Nacional de Valores</I> Regulation and the Listing Regulations
of the <I>Bolsa de Comercio de Buenos Aires</I>, and of the accounting documents in English language required by the U.S. Securities&nbsp;&amp; Exchange Commission regulation for the 17</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year ended on December&nbsp;31, 2005. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consideration of the Retained Earnings as of December&nbsp;31, 2005 and of Company&#146;s status under Section&nbsp;206 of the Corporate Law. The Proposal of the Board of Directors
to allocate to the absorption of losses accumulated as of December&nbsp;31, 2005 the aggregate Legal Reserve (P$277 million ) and the amount of P$356 million from the Adjustment of Common Stock Account thus transferring the negative balance of
P$1,836 million to the new fiscal year. </FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Item 1 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Review of the performance of the Board of Directors and the Surveillance Committee acting during the 17</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Review of the Board of Directors&#146; compensation (P$1,720,000 ,- allocated amount) for the fiscal year ended on December&nbsp;31, 2005, which recorded a loss under the terms of
the Regulation of the <I>Comisi&oacute;n Nacional de Valores</I>. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Authorization to the Board of Directors to make advance payments of fees payable up to P$1,900,000 to those directors who during the 18</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year qualify as &#147;independent directors&#148;, or to those who perform technical and administrative tasks or special assignments, contingent upon
the decision passed at the shareholders meeting that reviews the documents of such fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Fees payable to the Surveillance Committee acting during the 17</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"> fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">8)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Establishing the number of regular and alternate directors who shall hold office during the 18</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">9)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Election of regular and alternate directors to serve during the 18</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"> fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">10)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Election of regular and alternate members of the Surveillance Committee for the 18</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">11)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Appointment of the independent auditors who shall review the financial statements for the 18</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year and establishing their compensation as well as that payable to the auditors acting during the fiscal year ended on December&nbsp;31, 2005. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">12)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consideration of the budget to be assigned to the Audit Committee for fiscal year 2006. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">13)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Discussion of delegation of authority to the Board of Directors to convert up to 45.932.738 common book-entry Class &#147;C&#148; shares (mostly affected shares to the Employee
Stock Ownership Program) having a par value of P$1 each and carrying one vote per share, into the same number of common book-entry Class &#147;B&#148; shares having a par value of P$1 each and carrying one vote per share. Conversion shall take place
on one or more opportunities, depending on the number of Class C Shares that the Banco de la Ciudad de Buenos Aires (Trustee of the Program) determines to have met the requirements to be eligible for conversion. Authorization of the Board of
Directors to sub-delegate to certain members and/or senior management officers such powers as the Shareholders Meeting may delegate to it. Appointment of the individuals authorized to take the necessary steps concerning the authorizations for the
public offer and listing transfer of the shares whose conversion is approved. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">14)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Ratification by Class &#147;C&#148; Shares of the decisions made at the Shareholders General Meeting in respect of item 13 of the Agenda.&#148; </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B><U>THE BOARD OF DIRECTORS. </U></B></FONT></P>

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<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">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Note 1:</B> Items 3 and 13 of the Agenda shall be considered according to the regulation applicable to the extraordinary shareholders meeting, item 14 shall be discussed at a Special Class &#147;C&#148; Shares meeting and the other items
shall be dealt with according to the regulations governing ordinary shareholders meetings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Note 2:</B> Items 13 and 14 of the Agenda shall only be
discussed if, prior to the date of the Meeting, it is possible to determine that the Meeting complies with the legal requirements to consider and approve such issues. For such purpose, the Board of Directors shall make such inquiries and request
such legal opinions as it may consider necessary and inform the result thereof at the Meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 3</U>: </B>To attend the Meeting, shareholders
are required to deposit the book-entry share certificates of ownership issued for such purpose by Caja de Valores S.A., no later than three business days prior to the specified date, at Avda. Alicia Moreau de Justo N&ordm;. 50, 13th floor, City of
Buenos Aires, from 10 A.M to 12 A.M. and from 3:00 P.M. to 5:00 P.M. The deadline is April&nbsp;21, 2006, at 5:00 P.M.. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 4</U></B>: The
documents to be reviewed at the Meeting, including the Board of Directors&#146; proposals on the relevant issues, are available at Telecom Argentina web site: <B>www.telecom.com.ar</B>. Additionally, printed copies of such documents may be obtained
at the location and time indicated Note 3. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 5</U></B>: Pursuant to the provisions of General Resolution No.&nbsp;465/2004 of the CNV, at the
time of registration to participate at the Meeting, shareholders must supply the following information: name and last name or full corporate name; type and number of identity document (in the case of individuals) or registration details (in the case
of legal entities), indicating Register, jurisdiction and domicile, specifying type. The same data shall be provided by the person attending the Meeting in the name and on behalf of the shareholder. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 6</U>: </B>Those registered to participate at the Meeting, either as depositories or administrators of third-party holdings, are reminded of the need to
comply with the requirements of Paragraph II.9 of the CNV Rules in order to qualify to issue votes in a divergent manner. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 7:</U></B>
Shareholders are requested to appear no later than 15 minutes prior to the scheduled time of the Meeting in order to file their proxies and sign the Attendance Book. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Item 1 </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>II.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>PROPOSALS OF THE BOARD OF DIRECTORS ON THE ISSUES TO BE DEALT WITH AT THE SHAREHOLDERS MEETING</U></B> </FONT></TD></TR></TABLE> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Following, the Chairman of the Board expresses that according to Article 71 of Law N&ordm; 17.811 (included by the Decree 677/01) that determines that 20 days in
anticipation to the shareholder meetings, the Board of Directors must make available to the shareholders the relevant information concerning the meeting, &#147;<B>including the proposals of the Board of Directors&#148;. </B>Consequently the Board of
Directors must formulate the proposals that deems convenient on the issues that will be dealt with at the summoned Shareholders Meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">With respect to
the proposals to be formulated at the meeting regarding: i) fees to be paid to the Board of Directors for fiscal year 2005, ii) designation of External Auditors for Fiscal Year 2006; ii) Remuneration to the Board of Directors for Fiscal Year 2006;
and iii) Fees of the External Auditors for the Financial Statements of Fiscal Year 2005, an opinion was obtained from the Audit Committee, that in all cases was favorable to the proposals of the Board of Directors. Moreover, the Audit Committee has
evaluated the resources that deems necessary to develop its tasks during fiscal year 2006, in order to request approval to the Shareholders Meeting of such budget. The Directors and members of the Surveillance Committee have received copies of the
opinion of the Audit Committee related to the proposals that were submitted for its consideration, in anticipation to the meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">After discussing on the
matters expressed by the Chairman, the Board of Directors resolves to formulate to the shareholders the following proposals with respect to the issues that will be considered by them at the Ordinary and Extraordinary Shareholders Meeting, and the
Special Meeting of Class &#147;C&#148; Shareholders, summoned for March&nbsp;27, 2006: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>First item</U></B>: The Board proposes the appointment of the
two shareholders (or shareholders&#146; representatives) who registered the greatest number of shares to participate at the Meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Second
item</U></B>: The Board proposes the approval of the documents of fiscal year ended on December&nbsp;31, 2005 (Annual Report, Summary Information, Report under Section&nbsp;68 of the Listing Regulation of the <I>Bolsa de Comercio de Buenos
Aires</I>, Financial Statements with all Schedules, Notes and Exhibits thereto, Report of Surveillance Committee, Annual Report submitted by the Audit Committee, and all other documents of the fiscal year, including documents in English language
required by the Securities&nbsp;&amp; Exchange Commission), as submitted by the Board of Directors, the Surveillance Committee, and the Audit Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Third item</U></B>: The Board of Directors proposes, in order to modify the Company&#146;s status under section 206 of the Corporate Law, the approval of the allocation of the aggregate Legal Reserve (P$277 million ) and of the amount
of P$356 million from the Adjustment of Common Stock Account to the absorption of losses accumulated as of December&nbsp;31, 2005, thus transferring the negative balance of P$1,836 million to the new fiscal year. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Fourth item</U></B>: The Meeting shall review the performance of the members of the Board of Directors and of the Surveillance Committee acting during fiscal year
ended December&nbsp;31, 2005. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Fifth item</U></B>: An aggregate compensation of P$1,720,000.- is proposed to be assigned to the Board of Directors acting during fiscal year 2005 to be distributed among independent directors in the manner decided by the Board of
Directors. In the opinion of the Audit Committee, and of the Surveillance Committee at the Audit Committee&#146;s request, this proposal and the one included in the following item are reasonable. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Sixth item:</U></B> It is proposed that the Meeting authorizes the Board of Directors to make advance payments up to an aggregate amount of P$1,900,000.- to those
directors acting as &#147;independent directors&#148; or performing technical and administrative tasks or special assignments during fiscal year ending on December&nbsp;31, 2006 and to increase such amount in the event of inflation. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Seventh item</U></B>: An aggregate compensation of P$300,000.- is proposed to be distributed among regular members of the Surveillance Committee in such manner as
they may agree. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><B><U>Eighth item</U>:</B> It is proposed to set the number of regular directors at six (6)&nbsp;and the
number of alternate directors at six (6)&nbsp;to act during fiscal year ending December&nbsp;31, 2006. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Ninth and Tenth items</U></B>: The Board of
Directors abstains from submitting a proposal in respect of these items and reminds the shareholders who propose candidates to serve on the Board of Directors and the Surveillance Committee of the requirement to inform the Meeting if the candidates
are &#147;independent&#148; or &#147;non-independent&#148;. The Board of Directors reminds the shareholders that, of the total number of directors to be appointed to the Audit Committee, at least three regular directors must be
&#147;independent&#148; under Rule 10 A-3 of the Securities&nbsp;&amp; Exchange Commission, and at least two of them must be independent under the rules of the <I>Comisi&oacute;n Nacional de Valores</I>. Furthermore, one or more substitute members
qualifying as &#147;independent directors&#148; under both regulations must be appointed for the replacement of regular Audit Committee members. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Eleventh item:</U></B> The Board of Directors proposes that the accounting firm &#147;Price Waterhouse&amp;Co. S.R.L.&#148;, which acted as Independent Auditors of the Company during fiscal year 2005, should be appointed for the same
position for the fiscal year ending on December&nbsp;31, 2006. It also proposes that its compensation be established at the Meeting reviewing the documents of the fiscal year ending on December&nbsp;31, 2006, and delegates to the Audit Committee the
powers to determine how the service will be rendered and to make advance payments of fees. In respect of compensation for financial statement auditing services rendered by the Independent Auditors during fiscal year ended December&nbsp;31, 2005, it
is proposed that total compensation be set at P$890,000.- (without VAT). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Twelfth item</U></B>: In accordance with the estimate made by the Audit
Committee, the Board of Directors proposes that the budget for the operation of the Audit Committee during fiscal year ending December&nbsp;31, 2006 be fixed at P$600,000.- </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Thirteenth item</U></B>: If it is determined that there are no legal impediments for the Shareholders Meeting to deal with this issue, that will be informed at the Meeting, the Board of Directors proposes to
delegate authority to convert up to 45,932,738 common book-entry Class &#147;C&#148; shares into the same number of Class &#147;B&#148; shares on one or more opportunities, depending on the number of Class &#147;C&#148; Shares that the Banco de la
Ciudad de Buenos Aires (Trustee of the Program) determines to have met the requirements to be </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">eligible for conversion. It is also proposed that the Board of Directors be granted the authority to sub-delegate to certain members and/or senior management officers such powers as the Shareholders Meeting may delegate to it. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Fourteenth item</U></B>: It is Class C Shareholders Special Meeting&acute;s decision whether to ratify the resolutions made at the Shareholders General Meeting
in respect of item 13 of the Agenda. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Not having additional issues to be discussed, the meeting is adjourned at 11:20 A.M., after the Directors and members
of the Surveillance Committee that sign below have read and approved this Minute. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>SIGNED BY</U></B>: <B><U>Directors</U></B>: Amadeo R.Vazquez,
Gerardo Werthein, Oscar C. Cristianci, Jorge A. Firpo, Ra&uacute;l A. Miranda, Julio P. Naveyra. <B><U>Members of the Surveillance Committee</U></B>: Enrique Garrido, Silvia G. Poratelli, Gerardo Prieto.- </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Dr.&nbsp;Amadeo&nbsp;R. V&aacute;zquez </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman"
SIZE="2"><B>Chairman of the Board of Directors </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>TELECOM ARGENTINA S.A. </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>NOTICE OF ORDINARY AND EXTRAORDINARY SHAREHOLDERS GENERAL </U></B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>MEETING AND CLASS C SHAREHOLDERS SPECIAL MEETING </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Shareholders are hereby invited to attend the Shareholders Ordinary and Extraordinary General Meeting and Class C Shareholders Special Meeting to be held at Av. Alicia Moreau de Justo 50, Ground Floor, City of Buenos Aires, on
<B>April&nbsp;27, 2006</B>, <B>at 10:00 a.m.</B> for the first call, and at 11:00 a.m. for the second call (for matters to be discussed at the Ordinary Meeting) in order to deal with the following: </FONT></P> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>AGENDA </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Appointment of two shareholders to approve and sign the Minutes. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Review of the documents provided for in Section&nbsp;234, Subsection 1 of Law N&ordm; 19,550, the <I>Comisi&oacute;n Nacional de Valores</I> Regulation and the Listing Regulations
of the <I>Bolsa de Comercio de Buenos Aires</I>, and of the accounting documents in English language required by the U.S. Securities&nbsp;&amp; Exchange Commission regulation for the 17</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year ended on December&nbsp;31, 2005. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consideration of the Retained Earnings as of December&nbsp;31, 2005 and of Company&#146;s status under Section&nbsp;206 of the Corporate Law. The Proposal of the Board of Directors
to allocate to the absorption of losses accumulated as of December&nbsp;31, 2005 the aggregate Legal Reserve (P$277 million ) and the amount of P$356 million from the Adjustment of Common Stock Account thus transferring the negative balance of
P$1,836 million to the new fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Review of the performance of the Board of Directors and the Surveillance Committee acting during the 17</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Review of the Board of Directors&#146; compensation (P$1,720,000 ,- allocated amount) for the fiscal year ended on December&nbsp;31, 2005, which recorded a loss under the terms of
the Regulation of the <I>Comisi&oacute;n Nacional de Valores</I>. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Authorization to the Board of Directors to make advance payments of fees payable up to P$1,900,000 to those directors who during the 18</FONT><FONT FACE="Times New Roman" SIZE="1"
COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year qualify as &#147;independent directors&#148;, or to those who perform technical and administrative tasks or special assignments, contingent upon
the decision passed at the shareholders meeting that reviews the documents of such fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Fees payable to the Surveillance Committee acting during the 17</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"> fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">8)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Establishing the number of regular and alternate directors who shall hold office during the 18</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">9)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Election of regular and alternate directors to serve during the 18</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman"
SIZE="2" COLOR="#000000"> fiscal year. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">10)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Election of regular and alternate members of the Surveillance Committee for the 18</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year. </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">Item 1 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">11)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Appointment of the independent auditors who shall review the financial statements for the 18</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2" COLOR="#000000"> fiscal year and establishing their compensation as well as that payable to the auditors acting during the fiscal year ended on December&nbsp;31, 2005. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">12)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Consideration of the budget to be assigned to the Audit Committee for fiscal year 2006. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">13)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Discussion of delegation of authority to the Board of Directors to convert up to 45.932.738 common book-entry Class &#147;C&#148; shares (mostly affected shares to the Employee
Stock Ownership Program) having a par value of P$1 each and carrying one vote per share, into the same number of common book-entry Class &#147;B&#148; shares having a par value of P$1 each and carrying one vote per share. Conversion shall take place
on one or more opportunities, depending on the number of Class C Shares that the Banco de la Ciudad de Buenos Aires (Trustee of the Program) determines to have met the requirements to be eligible for conversion. Authorization of the Board of
Directors to sub-delegate to certain members and/or senior management officers such powers as the Shareholders Meeting may delegate to it. Appointment of the individuals authorized to take the necessary steps concerning the authorizations for the
public offer and listing transfer of the shares whose conversion is approved. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">14)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Ratification by Class &#147;C&#148; Shares of the decisions made at the Shareholders General Meeting in respect of item 13 of the Agenda.&#148; </FONT></TD></TR></TABLE> <P
STYLE="margin-top:24px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B><U>THE BOARD OF DIRECTORS. </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Note 1:</B> Items 3
and 13 of the Agenda shall be considered according to the regulation applicable to the extraordinary shareholders meeting, item 14 shall be discussed at a Special Class &#147;C&#148; Shares meeting and the other items shall be dealt with according
to the regulations governing ordinary shareholders meetings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Note 2:</B> Items 13 and 14 of the Agenda shall only be discussed if, prior to the date of
the Meeting, it is possible to determine that the Meeting complies with the legal requirements to consider and approve such issues. For such purpose, the Board of Directors shall make such inquiries and request such legal opinions as it may consider
necessary and inform the result thereof at the Meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 3</U>: </B>To attend the Meeting, shareholders are required to deposit the book-entry
share certificates of ownership issued for such purpose by Caja de Valores S.A., no later than three business days prior to the specified date, at Avda. Alicia Moreau de Justo N&ordm;. 50, 13th floor, City of Buenos Aires, from 10 A.M to 12 A.M. and
from 3:00 P.M. to 5:00 P.M. The deadline is April&nbsp;21, 2006, at 5:00 P.M.. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 4</U></B>: The documents to be reviewed at the Meeting,
including the Board of Directors&#146; proposals on the relevant issues, are available at Telecom Argentina web site: <B>www.telecom.com.ar</B>. Additionally, printed copies of such documents may be obtained at the location and time indicated Note
3. </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="right"><FONT FACE="Times New Roman" SIZE="2">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Note 5</U></B>: Pursuant to the provisions of General Resolution No.&nbsp;465/2004 of the CNV, at the time of registration to participate at the Meeting, shareholders must supply the following information: name and last name or full
corporate name; type and number of identity document (in the case of individuals) or registration details (in the case of legal entities), indicating Register, jurisdiction and domicile, specifying type. The same data shall be provided by the person
attending the Meeting in the name and on behalf of the shareholder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 6</U>: </B>Those registered to participate at the Meeting, either as
depositories or administrators of third-party holdings, are reminded of the need to comply with the requirements of Paragraph II.9 of the CNV Rules in order to qualify to issue votes in a divergent manner. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Note 7:</U></B> Shareholders are requested to appear no later than 15 minutes prior to the scheduled time of the Meeting in order to file their proxies and sign
the Attendance Book. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Amadeo Ram&oacute;n V&aacute;zquez </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT
FACE="Times New Roman" SIZE="2"><B>Chairman of the Board of Directors </B></FONT></P>

<p Style='page-break-before:always'>
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<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">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B><U>MINUTES OF </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>AUDIT COMMITTEE MEETING N&deg;31 </U></B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>PARTICIPANT MEMBERS:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mr Julio P. Naveyra, Amadeo R. Vazquez and Ra&uacute;l A. Miranda.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>SECRETARY:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mr. H&eacute;ctor Caram</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>EXTERNAL ADVISOR:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Mr. Carlos Fernandez Funes</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>DATE OF MEETING:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">March 28, 2006</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>RELEVANT PART: </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><U>OPINION OF THE PROPOSALS THAT THE BOARD OF DIRECTORS HAS THE INTENTION TO PRESENT TO THE GENERAL ORDINARY ANNUAL SHAREHOLDERS MEETING</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Mr Naveira states that the Board of Directors of the Company, in accordance with articles 13 and 15, sections a) and e) of the Decree 677/01, has requested the Audit Committee to issue an opinion of the proposals that
the Board of Directors has the intention to present to the General Ordinary Annual Shareholders Meeting, with respect to: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">a) Appointment of Price
Waterhouse&nbsp;&amp; Co. S.R.L. as External Auditors of the Financial Statements of the Company, corresponding to the fiscal year to be ended in December&nbsp;31, 2006. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">b) The compensation of P$1,720,000 to the Board of Directors in office during fiscal year 2005, to be distributed among the independent directors or those that performed special tasks, in the manner to be decided by
the Board of Directors. Furthermore, the Board of Directors would propose to be authorized by the Shareholders Meeting to make advance payments up to a global amount of P$1,900,000 to the directors that will perform as &#147;independent
directors&#148; or those that perform technical-administrative or special tasks during the fiscal year that will closes in December&nbsp;31, 2006, allowing to increase such amount in the case of inflation. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">c) The proposal to pay the sum of P$890,000, without VAT, to Price Waterhouse&nbsp;&amp; Co. S.R.L. for their services as External Auditors of the Financial Statements
of Telecom corresponding to fiscal year 2005. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Naveyra adds that the Board of Directors has also requested an estimate of the amount of money that
must be proposed for approval of the Shareholders Meeting, as a budget for the operation of the Audit Committee during fiscal year 2006. </FONT></P>

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<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">Item 1 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>1)
Opinion of the proposal of designation of External Auditors for Fiscal Year 2006. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Board of Directors will propose the designation of Price
Waterhouse&nbsp;&amp; Co. S.R.L. (&#147;Price&#148;) as Auditors to the Financial Statements of the fiscal year 2006, where Mr.&nbsp;Juan Carlos Grassi will act as Acting Certified Public Accountant while Mr.&nbsp;Carlos Nestor Mart&iacute;nez and
Mrs.&nbsp;Patricia Giordano will act as alternates. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Audit Committee discusses the firm&#146;s background and the performance of recent fiscal years
and resolves by unanimous decision to pass to the Board of Directors a favorable opinion of its proposal to designate Price as External Auditors for the fiscal year 2006. In this regard, it must be noted that the reasons that support this opinion
are the same to those expressed in the report dated March&nbsp;17, 2005 issued at the time of the proposal to designate Price as External Auditors for the Financial Statements of the previous fiscal year, being: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Price is one of the most renowned and prestigious accounting firms, both locally and internationally, that has performed and continues to perform external audit functions in some
companies and corporations, has vast experience in the matter. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Except for fiscal years 2001 and 2002, Price has performed as External Auditors of the Financial Statements of Telecom since its constitution (in some fiscal years as
joint-auditor), without receiving any objection from regulators or shareholders. In fiscal years 2004 and 2005, Price was the exclusive External Auditor, having performed its activities in satisfactory form and with due independence, as expressed in
the annual reports that this Committee has presented to the Board of Directors of the Company. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The professional solvency of the partners and working group of Price that has being performing the external audit in Telecom and the knowledge acquired of the Company, its accounts
and internal controls, make advisable their continuity in the position, due to the accumulated experience, added to the proven independence and efficiency with which it has performed its functions, that constitute an important support for their
performance in the new fiscal year. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>2) Opinion of the proposal of compensation of the Board of Directors of Fiscal Year 2005 and advance
payments for those to perform during Fiscal Year 2006. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Board of Directors has the intention to propose to the Shareholders Meeting to allocate a
total remuneration of P$1,720,000 to be distributed among independent directors or those that have performed special tasks, in the manner to be decided by the Board of Directors, having to consider that the Directors Mr.&nbsp;Oscar&nbsp;C.
Cristianci, Mr.&nbsp;Jorge Firpo and Mr.&nbsp;Gerardo Werthein, as well as Mr.&nbsp;Alberto&nbsp;Y. Messano that acted as Director up to August 2005 have resigned to perceive any renumeration for their performance during fiscal year 2005.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Furthermore, it would propose to the Shareholders Meeting to authorize the Board of Directors to make advance payments up to an amount of P$1,900,000 to
the directors that during the fiscal year that ends in December&nbsp;31, 2006 perform as &#147;independent directors&#148; or that perform technical-administrative or special tasks, authorizing to increase such amount in the case of inflation.
</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="right"><FONT FACE="Times New Roman" SIZE="2">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In
accordance to Article 15 Section e) of Decree N&ordm;677/01, the Audit Committee has to issue an opinion with respect to the reasonability of the proposal. In order to evaluate the proposal, a comparison of the amount proposed by the Board of
Directors with remunerations paid to independent directors of other locally and internationally listed Argentine corporations, as the case of Telecom, having requested this information to a specialized firm. Based on this information, the
remuneration proposed by the Board of Directors seems reasonable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding, the three members of the Audit Committee are independent directors and
have taking into account the resignation to perceive fees by the remaining directors, they would be receiving the entire amount of the fees determined by the Shareholders Meeting for the Board of Directors. Therefore, they have requested the
Surveillance Committee to pronounce itself with respect to this issue, receiving an opinion in this manner: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>&#147;Buenos Aires, March&nbsp;27, 2006
</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Members of the Audit Committee </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>of Telecom
Argentina S.A. </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Dear Sirs; </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>In our role as
acting members of the Surveillance Committee of Telecom Argentina S.A. (the &#147;Company&#148;) and with respect to your request, we have considered the reasonability of the amount of fees that the Board of Directors would propose to the
Shareholders Meeting as remuneration for the independent directors as well as to the members of the Audit Committee for fiscal year 2005 (P$1,720,000 ). </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><I>We have compared the proposed remuneration to that paid by the Company in previous fiscal years and with fees paid by other similar corporations, in accordance to the information received by a specialized independent firm.
</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Our evaluation indicates that the remuneration proposed by the Board of Directors for independent directors that acted during fiscal year 2005
seems &#147;adequate&#148; in the terms of the Article 2&ordf; Subsection D) of Chapter III of the Comisi&oacute;n Nacional de Valores Regulation, taking into account the responsibilities, representations, technical tasks, dedication, competence and
professional reputation of the independent directors that would perceive such fees and the market value of their services. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>We also judge reasonable
the proposal to empower the Board of Directors to perform advances to the independent directors or to those that perform special tasks during fiscal year 2006, up to an amount of P$1,900,000.-, as it is the market practice. </I></FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Yours sincerely, </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Signed by Enrique Garrido, Gerardo Prieto,
Silvia G. Poratelli.&#148; </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Due to the above mentioned, and to that expressed by the Surveillance Committee, we understand that in the case to be
approved by the Shareholders Meeting as one of the points of the Agenda, in accordance to the Chapter III of the Regulation of the<I> Comisi&oacute;n Nacional de Valores, </I>the payment of the proposed fee by the Board of Directors will not violate
any law, regulation or statute applicable to the Company, resulting reasonable and adequate to market levels. </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="right"><FONT FACE="Times New Roman" SIZE="2">Item 1 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>3)
Fees to be payable to External Auditors of Fiscal Year 2004. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Board of Directors has the intention to propose to the Shareholders Meeting to approve
a payment to Price Waterhouse&nbsp;&amp; Co. S.R.L. for their services as External Auditors of the Financial Statements of Telecom Argentina S.A. corresponding to fiscal year 2005 of P$890,000 , without VAT, and has requested the opinion of the
Audit Committee regarding the reasonability of such proposal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Audit Committee considers that the fees are appropriate taking into account the
importance, magnitude and quality of the tasks performed by the External Auditors, and the proposed fees are within the range of fees approved by other listed companies, with similar characteristics of Telecom; it concludes that the sum of P$890,000
that the Board of Directors would propose to the Shareholders Meeting is deemed reasonable. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>4) Budget for the operation of the Audit Committee during
Fiscal Year 2005. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Board of Directors has requested the Audit Committee to estimate an amount of money that must be proposed for approval of the
Shareholders Meeting, in concept of budget for the operation of the Audit Committee during Fiscal Year 2006. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">After discussing the matter, considering the
experience gained during the last fiscal year, the training and advisory needs estimated for the current year, and the hiring of services related to evaluations and testing of internal controls and the implementation of the channels that will
receive allegations, the Audit Committee resolves to request to the Shareholders Meeting to approve an operative budget of P$600,000 for fiscal year 2006. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Signed by: Julio P. Naveyra</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Amadeo R. Vazquez</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Ra&uacute;l A. Miranda</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="center"><FONT FACE="Times New Roman" SIZE="2">SIGNATURES </FONT></P> <P STYLE="margin-top:12px;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="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><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="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: March&nbsp;30, 2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Gerardo Werthein</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></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">Gerardo Werthein</FONT></TD></TR>
<TR>
<TD VALIGN="top"></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">Vice-President</FONT></TD></TR>
</TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
