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<SEC-DOCUMENT>0000950103-06-001206.txt : 20060503
<SEC-HEADER>0000950103-06-001206.hdr.sgml : 20060503
<ACCEPTANCE-DATETIME>20060503135122
ACCESSION NUMBER:		0000950103-06-001206
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060427
FILED AS OF DATE:		20060503
DATE AS OF CHANGE:		20060503

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:		06802903

	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>dp02546_6k.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
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<body>
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<P align="center"><B><FONT size=4 face="serif">FORM 6-K<br>
</FONT></B><B><FONT size=4 face="serif">SECURITIES AND EXCHANGE COMMISSION<br>
Washington,
D.C. 20549</FONT></B></P>
<P align="center">
<B><FONT size=3 face="serif">Report of Foreign Issuer</FONT></B></P>
<P align="center">
<font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">Pursuant to
Rule 13a-16 or 15d-16<br>
of the Securities Exchange Act of 1934</FONT></B></font></P>
<P align="center">
<FONT size="2" face="serif">For the month of April, 2006</FONT></P>
<P align="center">
<FONT size="2" face="serif">Commission File Number: 001-13464</FONT></P>
<P align="center">
<B><FONT size=4 face="serif">Telecom Argentina S.A.<br>
</FONT></B><FONT size=2 face="serif">(Translation of registrant&#146;s name into
English)</FONT></P>
<P align="center">
<B><FONT size="2" face="serif">Alicia Moreau de Justo, No. 50, 1107<br>
Buenos Aires,
Argentina<br>
</FONT></B><FONT size=2 face="serif">(Address of principal executive offices) </FONT></P>
<blockquote>
  <p>
    <FONT size="2" face="serif">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>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="25%" align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
            20-F <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u> </font></td>
        <td width="50%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">Form
            40-F <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font> </td>     </tr>
    </table>
    </div>
  <p><FONT size="2" face="serif">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>
</blockquote>
<div align=center>
  <table width="50%" border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="25%" align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td width="50%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>    </tr>
  </table>
</div>
<blockquote>
  <p><font size="2"><BR>
    </font><FONT size="2" face="serif">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>
  <div align=center>
    <table width="50%" border=0 cellpadding=0 cellspacing=0>
      <tr align="center">
        <td width="25%" align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
        <td width="50%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
        <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td></tr>
    </table>
  </div>
  <p><FONT size="2" face="serif">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>
</blockquote>
<div align=center>
  <table width="50%" border=0 cellpadding=0 cellspacing=0>
    <tr align="center">
      <td width="25%" align="right" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
      <td width="50%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
      <td width="25%" align="left" valign="top"><font size="2" face="Times New Roman, Times, serif">No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font></td>
    </tr>
  </table>
</div>
<blockquote>
  <p>
    <FONT size="2" face="serif">If &#147;Yes&#148; is marked, indicate below the
    file number assigned to the registrant in connection with Rule 12g3-2(b): </FONT><font size="2"><U><FONT face="serif">N/A</FONT></U></font>
</p>
</blockquote>
<hr size="1" noshade color="#000000" style="margin-top: -2px">
<hr size="4" noshade color="#000000" style="margin-top: -10px">

<br>
<br>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<P align="center">
  <font size="2"><B><FONT face="serif">Telecom Argentina S.A.</FONT></B></font></P>
<P align="center">
  <FONT size="2" face="serif">TABLE OF CONTENTS</FONT></P>
<TABLE width="95%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD align="center" valign=top><font size="2"><B><FONT face="serif"><u>Item</u></FONT></B></font></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
        <TD width="5%" align="center" valign=top nowrap>
      <FONT size="2" face="serif">1.</FONT></TD>
        <TD width="95%">
      <FONT size="2" face="serif">Summary of the resolutions passed by the General Ordinary,
         Extraordinary and Special Class C Meetings held on April 27, 2006.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>

<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>
<P align="center">
  <FONT size="2" face="serif">SIGNATURES</FONT></P>
<P>
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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></font></P>
<table width="95%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td colspan="3"> <font size="2"><B><FONT face="serif">Telecom Argentina S.A.</FONT></B> </font></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="6%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="40%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2"><font size=2 face="Times New Roman, Times, serif">Date: </font><FONT size="2" face="serif">May
    3, 2006</FONT></td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">By:</font></td>
    <td colspan="2"><FONT size="2" face="serif"> /s/ Gerardo Werthein</FONT></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2"><hr align="left" width=65% size=1 noshade color="#000000"></td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="6%"><font size="2" face="Times New Roman, Times, serif">Name:</font></td>
    <td width="40%"><FONT size="2" face="serif">Gerardo Werthein</FONT></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="45%">&nbsp;</td>
    <td width="4%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="6%"><font size="2" face="Times New Roman, Times, serif">Title:</font></td>
    <td width="40%"> <FONT size="2" face="serif">Vice-President</FONT> </td>
  </tr>
</table>
<br>
<br>
<hr size=3 color=GRAY noshade>
<p style="page-break-before:always"></p>
<PAGE>
<br>
<br>

<p align="right"><FONT size=2 face="serif">Item 1</FONT></p>
<p><B><U><FONT size=2 face="sans-serif">FREE TRANSLATION</FONT></U></B></p>
<P align="center">
<B><U><FONT size=2 face="sans-serif">TELECOM ARGENTINA STET-FRANCE TELECOM S.A.</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U><FONT size=2 face="sans-serif">Summary of the resolutions
passed by the General Ordinary,<br>
Extraordinary and Special
Class C Meetings held on April 27, 2006</FONT></U></B></P>
<P>
<FONT size=2 face="sans-serif">16 Shareholders attended the Meeting, 3 under their own name,
and 13 by representation, with an aggregate number of 728,559,586 shares entitling to an equal
number of votes, and representing 74.01% of the capital and
votes. </FONT></P>
<P>
<FONT size=2 face="sans-serif">The resolutions of the General Ordinary and Extraordinary
Meetings with respect to items 1&ordm;, 2&ordm;, 4&ordm;, 5&ordm;, 6&ordm;, 7&ordm;, 9&ordm;,
10&ordm;, 11&ordm; and 13&ordm; of
the Agenda were approved by a
majority of the computable votes and those relative to items 3&ordm; and 8&ordm; were
unanimously approved taking into account only the computable votes, and not considering
for the base of calculation the voluntary abstentions.</FONT></P>
<P>
<FONT size=2 face="sans-serif">The resolutions passed upon considering each of the
items of the Agenda are the following:</FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">1&ordm;) Appointment of two shareholders to approve and sign the
minutes.</FONT></U></B><B><FONT size=2 face="sans-serif"></FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Mr Jos&eacute; Gustavo Pozzi representative of Nortel Inversora S.A.,
and Mr. Juan Carlos Lavagna, President of the Executive Committee of the Employee Ownership Program
were appointed.</FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">2&ordm;) Review of the documents provided for in Section 234,
Subsection 1 of Law N&ordm; 19,550, the Comisi&oacute;n Nacional de Valores Regulation and the
Listing Regulations of the Bolsa de Comercio de Buenos
Aires, and of the accounting documents in English language required by the U.S. Securities &amp;
Exchange Commission regulation for the 17th fiscal year ended on December 31, 2005.</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The whole of the documentation submitted for the consideration of the
shareholders was approved in the same manner as presented by the Board of Directors, the Audit
Committee, and the Surveillance Committee, except for
the proposal included in the Annual Report related to the allocation of Unappropriated Retained
Earnings, which was specifically dealt with in another item of the Agenda.</FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">3&ordm;) Consideration of the Retained Earnings
as of December 31, 2005 and of Company&#146;s status under Section 206 of the
Corporate Law. The Proposal of the Board of Directors to allocate to the absorption
of  losses accumulated as of December 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></U></B><B><FONT size=2 face="sans-serif"></FONT></B></P>

<br>
<br>
<hr size=3 color=GRAY noshade>
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<PAGE>
<br>
<br>


<div align="right"><FONT size=2 face="serif">Item 1</FONT></div>
<P>
<FONT size=2 face="sans-serif">The Meeting approved the entire proposal of the
Board of Directors, as stated in the Agenda. </FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">4&ordm;) Review of the performance of the
Board of Directors and the Surveillance Committee acting during the 17th fiscal
year.</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The performance of the Board of Directors and
the Surveillance Committee holding office during the seventeenth fiscal year
was approved. </FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">5&ordm;) Review of the Board of Directors&#146; compensation
(P$1,720,000, allocated amount) for the fiscal year ended on December 31, 2005,
which recorded a loss under the terms of the Regulation of the
</FONT></U></B><B><I><U><FONT size=2 face="sans-serif">Comisi&oacute;n Nacional
de Valores</FONT></U></I></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">A global fee of $1,720,000 for the Board of
Directors that held office during the seventeenth fiscal year was approved, to
be payable to the independent directors. </FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">6&ordm;) 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 18th 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></U></B><B>
<FONT size=2 face="sans-serif"></FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Board of Directors was authorized,
ad-referendum to what is decided in the respective Shareholders Meeting, to
make advances of fees to the directors that during the eighteenth fiscal year
qualify as &#147;independent directors&#148;, or that perform technical and
administrative tasks, or that take part of special commissions entrusted by the
Board of Directors, for an amount of up to P$1,900,000. The Board was allowed
to increase the maximum amount, under the basis of a reasonable parameter, in
case the Argentine economy experiences an inflationary process. </FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">7&ordm;) Fees payable to the Surveillance
Committee acting during the 17th fiscal year.</FONT></U></B><B><FONT size=2
face="sans-serif"> </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Surveillance Committee that acted during the
seventeenth fiscal year was assigned a global fee of P$300.000.</FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">8&ordm;) Establish the number of regular
and alternate directors who shall hold office during the 18th fiscal
year.</FONT></U></B><B><FONT size=2 face="sans-serif"></FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The number of acting and alternate directors to
hold office during the eighteenth fiscal year was established in 6 and 6,
respectively. </FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">9&ordm;) Election of regular and alternate
directors to serve office during the 18th fiscal year.</FONT></U></B><B>
<FONT size=2 face="sans-serif"> </FONT></B></P>

<br>
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<hr size=3 color=GRAY noshade>
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<PAGE>
<br>
<br>

     <div align="right"><FONT size=2 face="serif">Item 1</FONT></div>
<P>
<FONT size=2 face="sans-serif">The following were appointed acting directors:
Messrs. Oscar Carlos Cristianci, Jorge Alberto Firpo, Raul Antonio Miranda,
Julio Pedro Naveyra, Amadeo Ramon Vazquez and Gerardo Werthein. The following
were appointed alternate directors: Messers. Luis Maria Gomez Iza, Franco
Alfredo Agustin Pablo Livini and Giorgio Della Seta Ferrari Corbelli Greco (as
alternates, indistinctly, of Messrs. Cristianci, Firpo and Vazquez); Mr Osvaldo
Hector Canova (as alternate of Mr. Miranda), Mr. Ruben Osvaldo Mosi (as
alternate to Mr Naveyra) and Mr. Adrian Werthein (as alternate of Mr. Gerardo
Werthein).</FONT></P>
<P>
<FONT size=2 face="sans-serif">The acting directors Messrs. Raul Antonio Miranda,
Julio Pedro Naveyra, and Amadeo Ramon Vazquez and alternate directors Osvaldo
Hector Canova, Mr. Ruben Osvaldo Mosi qualify as &#147;independent&#148;, while the rest
of the nominated directors qualify as &#147;non- independent&#148;. </FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">10&ordm;) Election of regular and alternate
members of the Surveillance Committee for the 18th fiscal year.</FONT></U></B><B><FONT size=2 face="sans-serif"></FONT></B></P>
<P>
<FONT size=2 face="sans-serif">Messrs. Enrique Garrido, Silvia Graciela Poratelli
and Gerardo Prieto were appointed as acting syndics, while as alternates
Messrs. Mr Mariano Federici and Jacqueline Berzon, (indistinctively to Messrs Garrido and
Poratelli) and Mr. Guillermo Feldberg (to Mr Prieto) were appointed. </FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">11&ordm;) Appointment of the independent
auditors who shall review the financial statements for the 18th fiscal year and
establishing their compensation as well as that payable to the auditors acting
during the
fiscal year ended on December 31, 2005.</FONT></U></B><B><FONT size=2 face="sans-serif"></FONT></B></P>
<P>
<FONT size=2 face="sans-serif">&#147;Price Waterhouse &amp; Co. SRL&#148; was
appointed as External Auditors of the Financial Statements of the eighteenth
fiscal year, while Mr Juan Carlos Grassi will act as acting Certified Public
Accountant and Messrs Carlos Nestor Martinez and Silvia Patricia Giordano will
act as alternates. In addition, the compensation was resolved to be established
by the Shareholders Meeting considering such Financial Statements, empowering
the Board of Directors to
establish service modalities and make advances.</FONT></P>
<P>
<FONT size=2 face="sans-serif">As to the compensation to the External Auditors
providing services during the Fiscal Year ended December 31, 2005, the same was
established in the total amount of $ 890,000, VAT excluded. </FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">12&ordm;) Consideration of the budget to
be assigned to the Audit Committee for fiscal year 2006.</FONT></U></B><B>
<FONT size=2 face="sans-serif"></FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The budget for the performance of the Audit
Committee for the fiscal year to be closed in December 31, 2006 was set at P$600,000.</FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">13&ordm;) 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</FONT></U></B></P>

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<br>

     <div align="right"><FONT size=2 face="serif">Item 1</FONT></div>
<P>
<B><U><FONT size=2 face="sans-serif">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></U></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The delegation of powers to the Board of Directors of the Company was approved, for the conversion of </FONT><B><FONT size=2 face="sans-serif">41,339,464</FONT></B><FONT size=2 face="sans-serif"> ordinary class C
shares into the same number of Class &#147;B&#148; shares on one or more tranches, 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 eligible for conversion. </FONT></P>
<P>
<FONT size=2 face="sans-serif">The Board of Directors was authorized to sub-delegate powers that were granted in accordance to the previous paragraph onto some of the board members or senior management officers. </FONT></P>
<P>
<FONT size=2 face="sans-serif">The Board of Directors was allowed to designate persons in charge of taking the steps necessary to transfers the authorizations of public offer and listing of the shares that will be converted. </FONT></P>
<P>
<FONT size=2 face="sans-serif">The delegation of powers to the Board of Directors for the conversion did not include the Class C shares that are affected by the precautionary action in the case &#147;</FONT><I><FONT size=2 face="sans-serif">Garcia
de Vicchi, Amerinda y otros c/Sindicaci&oacute;n de Acciones Clase C del Programa de Propiedad Participada</FONT></I><FONT size=2 face="sans-serif">&#148; under which it was ordered the suspension of the Extraordinary and Class C Special
Shareholders Meetings that the Board of Directors had called for March 14, 2000 in order to deal with the conversion of the Class C shares into Class B shares related to the shares of the Repurchase and Guarantee Fund of the Program. Up to today
such action was not lifted, although it is currently limited to </FONT><B><FONT size=2 face="sans-serif">4,593,274</FONT></B><FONT size=2 face="sans-serif"> shares of the Repurchase and Guarantee Fund, for which the Meeting did not approve the
delegation of powers to the Board of Directors to proceed with the conversion into Class B shares, as it was considered that legal impediments still prevail. </FONT></P>
<P>
<B><U><FONT size=2 face="sans-serif">14&ordm;) Ratification by Class &#147;C&#148; Shares of the decisions made at the Shareholders General Meeting in respect of item 13 of the Agenda</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">This point was only dealt with the Trust Banco de la Ciudad de Buenos Aires &#150;Telecom, represented by the President of the Executive Committee of the Employee Ownership Program, with 43,097,745 shares that
represent 93.82% of the total of Class C shares. </FONT></P>
<P>
<FONT size=2 face="sans-serif">The Special Shareholders Meeting ratified in all its parts the resolution passed by the General Shareholders Meeting for Item 13&ordm; of the Agenda. </FONT></P>

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     <div align="right"><FONT size=2 face="serif">Item 1</FONT></div>
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<FONT size=2 face="sans-serif">Ms. Nora Lavorante attended the Meetings on behalf of the Buenos Aires Stock Exchange. </FONT></P>

<div align="center"><B><I><FONT size=2 face="sans-serif">Maria Delia Carrera Sala</FONT></I></B><BR>
          <B><I><FONT size=2 face="sans-serif">Attorney- in-Fact </FONT></I></B>
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