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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001193125-07-185876.txt : 20070820
<SEC-HEADER>0001193125-07-185876.hdr.sgml : 20070820
<ACCEPTANCE-DATETIME>20070820153041
ACCESSION NUMBER:		0001193125-07-185876
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070820
FILED AS OF DATE:		20070820
DATE AS OF CHANGE:		20070820

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:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		071067827

	BUSINESS ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB
		BUSINESS PHONE:		54-11-4968-4000

	MAIL ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB

	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">

<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="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="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 August, 2007 </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="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </FONT></P> <P
STYLE="margin-top: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"><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">

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Telecom Argentina S.A. </B></FONT></P> <P STYLE="margin-top: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>
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<TD WIDTH="98%"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Item</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Letter to the Argentine National Securities Commission (<I>Comisi&oacute;n Nacional de Valores &#150;CNV</I>), dated August&nbsp;17, 2007 regarding documents being filed at the Commision&#146;s
electronic filing system (<I>Autopista de Informacion Financiera</I>)</FONT></TD></TR>
</TABLE>

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<TD WIDTH="51%"></TD>
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<TD WIDTH="47%"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Buenos Aires, August&nbsp;17, 2007</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><B>Comisi&oacute;n Nacional de Valores</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">

<IMG SRC="g34325logo.jpg" ALT="LOGO"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Ref: <U>CNV Board Resolution dated August&nbsp;16, 2007 related to &#147;Telecom Argentina s/Hechos
Relevantes&#148;</U> </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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">I am writing you as
<B>Chairman of Telecom Argentina S.A.</B> (&#147;Telecom Argentina&#148; or the &#147;Company&#148;) to comply with the point 1 of the referred resolution, for with the documents detailed below are being filed at the <I>Autopista de
Informaci&oacute;n Financiera.</I> </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="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">The letter dated August&nbsp;3, 2007 submitted to the <I>Comisi&oacute;n Nacional de </I>Valores by Mr.&nbsp;Gerardo Werthein, Vice-Chairman of the Board (Receipt N&ordm;9.722/07),
that was adhered to by the Directors Mr.&nbsp;Julio&nbsp;P. Naveyra, and Mr Esteban Macek, attaching the letter that was submitted to the Buenos Aires Stock Exchange, noting that &#150; as stated in the referred resolution &#150; such persons have
signed the letter as a personal note, not representing the opinion of the Board. </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="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">The letter subscribed by the undersigned, dated August&nbsp;7, 2007 (Receipt N&ordm;9.823/07). </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="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">The letter dated that same day signed by two of the three members of the Supervisory Committee (Receipt N&ordm;9.822/07). </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Yours sincerely, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Carlos A. Felices </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><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"><FONT FACE="Times New Roman" SIZE="2">Buenos Aires, August&nbsp;3, 2007 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Comisi&oacute;n Nacional de Valores </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Ref: <U>Modifications to the Control Group C.D. 178338 dated July&nbsp;3, 2007 of the Bolsa de
Comercio de Buenos Aires</U> </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><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">I am writing
you as <B>Vice-chairman of Telecom Argentina S.A.</B> (&#147;Telecom Argentina&#148; or the &#147;Company&#148;) to attach a copy of the letter that I have submitted today to the <I>Bolsa de Comercio de Buenos Aires, </I>related to the letter
referred above and to the note with the response signed by an attorney-in-fact of Telecom Argentina. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Yours sincerely, </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Gerardo Werthein </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Vice-chairman of
Telecom Argentina S.A. </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Buenos Aires, August&nbsp;3, 2007 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Dear </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Technical and Negotiable Instruments Manager </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">of the Buenos Aires Stock Exchange </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Doctora Nora Ramos </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="15%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Re.:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Changes in the Control Group </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:21%"><FONT FACE="Times New Roman" SIZE="2">C.D. 178338 dated
July&nbsp;3, 2007. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I, in my capacity as Vice-Chairman of <B>Telecom Argentina S.A.</B> (&#147;Telecom Argentina&#148;), am writing in connection with your
note of reference, reiterated on August&nbsp;1, 2007 (C.D. 178509), and the answer signed by an agent of Telecom Argentina and submitted to the Buenos Aires Stock Exchange in order to provide additional information. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In the note you request information about the present or future effects on Telecom Argentina&#146;s control and decision-making structure of the transfer of shares of
Olimpia S.p.A. (&#147;Olimpia&#148;), shareholder of Telecom Italia S.p.A. (&#147;Telecom Italia&#148;), hereinafter the &#147;Transaction&#148;, as to which Telef&oacute;nica S.A. (&#147;Telef&oacute;nica de Espa&ntilde;a&#148;) has submitted to
the Buenos Aires Stock Exchange certain information on April&nbsp;28, 2007, mentioned in the answered note, stating that, in the communication released on April&nbsp;28, 2007, Telef&oacute;nica de Espa&ntilde;a has indicated that Telefonica de
Espa&ntilde;a and Telecom Italia will be managed autonomously and independently and that Telef&oacute;nica de Espa&ntilde;a and the directors nominated by Telefonica de Espa&ntilde;a &#147;will neither participate nor vote at the meetings of the
corporate authorities where corporate decisions affecting countries in which both companies are present are discussed.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Taking into account that
Telecom Argentina only has the information that the parties to the Transaction and Telecom Italia have made public or submitted to the control authorities, after considering the issue and thoroughly analyzing the information available to the public,
the directors of Telecom Argentina have different opinions about the issues included in your note and no decision has been adopted by the Board of Directors of Telecom Argentina. In order to contribute to a more transparent and informed market, I,
in my capacity as Vice-Chairman of Telecom Argentina, consider that it is necessary to communicate to the Buenos Aires Stock Exchange my opinion on this issue, which is shared by independent directors Julio Pedro Naveyra and Esteban Macek; thus
providing additional information with respect to the information provided by Telecom Argentina&#146;s agent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In order to form an opinion about the issues
included in you inquiry, the following information has been specially taken into account: (a)&nbsp;Forms 20-F for FYs 2005 and 2006 submitted by Telecom Italia to the Securities&nbsp;&amp; Exchange Commission (the &#147;Telecom Italia 20-F
Forms&#148;) (posted on <U>www.sec.gov</U> and www.telecomitalia.com), (b)&nbsp;the Co-investment agreement dated April&nbsp;28, 2007 between Telef&oacute;nica, as industrial partner, and four investors located in Italy (Telef&oacute;nica de
Espa&ntilde;a, together with such Italian companies, the &#147;Buying Group&#148;), (c)&nbsp;the shareholders&#148; agreement dated April&nbsp;28, 2007 executed </FONT>
</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">between the members of the Buying Group, (d)&nbsp;the draft bylaws of &#147;Telco&#148; (which is the company that will acquire, directly or indirectly, all
the shares in Olimpia and 23.6% of the voting shares in Telecom Italia, (f)&nbsp;the press releases of the members of the Buying Group, (g)&nbsp;the current Telecom Argentina control structure. The documents mentioned in (b), (c)&nbsp;and
(d)&nbsp;were submitted by Telef&oacute;nica de Espa&ntilde;a to the Buenos Aires Stock Exchange and are available at <U>www.cnv.gov.ar</U> and <U>www.telefonica.es</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Telecom Argentina is controlled by Nortel Inversora S.A. (&#147;Nortel&#148;) (which holds 54.74% of the shares and votes in Telecom Argentina). At the last shareholders&#146; meeting of Telecom Argentina (April
2007), all the elected directors of Telecom Argentina were proposed by Nortel and all Nortel&#146;s proposals were approved at the shareholders&#146; meeting of Telecom Argentina. Nortel is controlled by Sofora Telecomunicaciones S.A.
(&#147;Sofora&#148;) (which holds more than 83% of the currently voting shares of Nortel). Out of six directors in Nortel, five of the directors appointed have been nominated by Sofora. Sofora is jointly controlled by Telecom Italia (50% of the
shares and votes in Sofora, directly and indirectly through its subsidiary Telecom Italia Internacional N.V. and, together with Telecom Italia, the &#147;Telecom Italia Group&#148;) and W de Argentina&#151;Inversiones SL (&#147;W de Argentina&#148;)
(48% of the shares and votes in Sofora). In April 2007 (and since December 2003), as set forth in the shareholders&#146; agreement between W de Argentina and the Telecom Italia Group, out of six directors in Telecom Argentina, 3 directors
&#150;including the board of directors&#146; chairman- were nominated by the Telecom Italia Group, 2 directors &#150;including the board of directors&#146; vice-chairman- were nominated by W de Argentina and one director was appointed jointly by the
Telecom Italia Group and W de Argentina. In the event of a tie at the meetings of the board of directors of Telecom Argentina, the Chairman has a casting vote. Since December 2003, the Telecom Italia Group is the exclusive operator of Telecom
Argentina (Resolution 111/2003 of the Argentine Communications Department). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">According to the Telecom Italia 20-F Forms: </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">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">If &#147;control&#148; is only interpreted as having more than 50% of the voting shares, neither Olimpia nor any other company would control Telecom Italia.
</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">However, although Olimpia does not hold more than 50% of the voting shares of Telecom Italia, Olimpia exerts a significant influence on all matters to be decided by a vote of the
shareholders of Telecom Italia (page 7 of Telecom Italia 20-F Form for FY 2006 <I>&#147;Risks associated with Telecom Italia&#146;s ownership chain&#148;).</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">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In addition, as a majority of the directors of Telecom Italia are appointed as a result of a proposal of Olimpia, Olimpia has the power to influence certain actions of Telecom
Italia (page 7 of Telecom Italia 20-F Form for FY 2006 <I>&#147;Risks associated with Telecom Italia&#146;s ownership chain&#148;)</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%">
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<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">In principle, the interests of Olimpia in deciding shareholder matters could be different from the interests of Telecom Italia&#146;s other shareholders, and it is possible that
certain decisions (adopted by Telecom Italia) could be taken that may be influenced by the needs of Olimpia (page 7 of Telecom Italia 20-F Form for FY 2006 <I>&#147;Risks associated with Telecom Italia&#146;s ownership chain&#148;)</I>.
</FONT></TD></TR></TABLE>

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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">Telecom Italia&#146;s financial position is not directly related to Olimpia and Telecom Italia does not have any obligations with respect to Olimpia&#146;s debts since they are
separate legal entities. Notwithstanding the foregoing, since certain rating agencies might view Telecom Italia&#146;s financial position as linked in some way to that of Olimpia, such a view could affect Telecom Italia&#146;s debt ratings, which
may adversely affect Telecom Italia&#146;s financial flexibility and its costs (page 7 of Telecom Italia 20-F Form for FY 2006 <I>&#147;Risks associated with Telecom Italia&#146;s ownership chain&#148;)</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">Section&nbsp;9 of Telecom Italia&#146;s bylaws provides for directors to be elected through the slate system (&#147;<I>voto di lista</I>&#148; in Italian). The slates of candidates
are presented by the shareholders or by the outgoing board of directors. Each shareholder may submit only one slate and each candidate may appear on only one slate. Only those shareholders who alone or together with other shareholders hold a total
number of Telecom Italia&#146;s shares representing at least 1% of the share capital entitled to vote may submit slates. Each person entitled to vote may vote for only one slate. Four-fifths of the directors to be elected (80%)&nbsp;are chosen from
the slate that obtains the highest number of shareholders&#146; votes in the progressive order in which they are listed on the slate. The remaining directors are chosen from the other slates; the votes obtained by the various slates are successively
divided by one, two, three, four or five, depending on the number of directors to be chosen, and the quotients obtained are assigned progressively to candidates on each of these slates, in the order respectively specified on the slate. The quotients
thus assigned to the candidates on the various slates are arranged in a single decreasing order. Those candidates who have obtained the highest quotients are elected to the Board of Directors (page 201 of Telecom Italia 20-F Form for FY 2006
<I>&#147;Appointment of Directors&#148; </I>and Telecom Italia&#146;s bylaws available at www.telecomitalia.com). </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%">
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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">At the April 2007 shareholders&#146; meeting, the slate of candidates proposed by Olimpia obtained the highest number of votes and therefore 15 out of 19 of Telecom Italia&#146;s
directors were elected as a result of a proposal of Olimpia (page 201 of Telecom Italia 20-F Form for FY 2006 <I>&#147;Appointment of Directors&#148;)</I>. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Consequently, the Telecom Italia 20-F Forms show that, according to Argentine regulations (section 33(2) of Law No.&nbsp;19,550 and section 2 of Presidential Decree No.&nbsp;677/2001), Olimpia controls Telecom Italia.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The analysis of Telecom Italia shareholders&#146; meetings (available at <U>www.telecomitalia.com</U>) confirms the statement of the prior paragraph,
given that: </FONT></P> <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">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Olimpias&#146; proposals &#150;or proposals supported by the affirmative vote of Olimpia- are the actions adopted at Telecom Italia shareholders&#146; meetings. In addition, no
action is adopted in Telecom Italia without the affirmative vote of Olimpia. </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">15 out of 19 of Telecom Italia&#146;s directors were elected as a result of a proposal of Olimpia, 2 as a result of a proposal of Holinvest and 2 as a result of a proposal of Arca
SGR. </FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">&#147;Telco&#148; will acquire the shares of Olimpia and with 23.6% of the votes in Telecom Italia will control (section
33(2) of Law No.&nbsp;19,550 and section 2 of Presidential Decree No.&nbsp;677/2001) Telecom Italia on the same grounds on which Olimpia controls Telecom Italia. Olimpia is currently controlled by Pirelli&amp;C.S.p.A., Sintonia S.p.A. and Sintonia
S.A. Therefore, the transfer of Olimpia shares and the creation of Telco results, according to Argentine law, mainly section 2 of Presidential Decree No.&nbsp;677/2001 on the &#147;Public Offering Transparency System&#148;, in a change of control in
Telecom Italia, and consequently, in Telecom Argentina. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Telco&#146;s reference shareholder and its only industrial partner with special veto rights is
Telef&oacute;nica de Espa&ntilde;a (parent of Telef&oacute;nica de Argentina S.A.). Such circumstance, coupled with the public statements made by Telef&oacute;nica de Espa&ntilde;a, is sufficient to hold that Telef&oacute;nica de Espa&ntilde;a will
have a significant influence on Telecom Italia, and therefore, on the companies controlled by Telecom Italia. In addition, it may be assumed that Telef&oacute;nica de Espa&ntilde;a will have access to the data and plans of Argentina. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In addition, it should be stated that (as set forth in the Co-investment agreement dated April&nbsp;28, 2007 and according to Telco&#146;s shareholders&#146; agreement
mentioned above, the press releases and the information publicly available in the market): </FONT></P> <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">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">For Telef&oacute;nica de Espa&ntilde;a, the investment in Telco implies &#147;a strategic vision and perspective&#148;. </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">Telef&oacute;nica de Espa&ntilde;a and the other co-controlling parties of Telecom Italia have committed to supporting any strategic initiative that the management of Telecom Italia
and Telef&oacute;nica de Espa&ntilde;a may implement jointly. </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">Telef&oacute;nica de Espa&ntilde;a has expressed its intention to profit from synergies with Telecom Italia. </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">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Telef&oacute;nica de Espa&ntilde;a, through its Argentine subsidiaries, is currently the main competitor of Telecom Argentina. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The following considerations should be expressed in connection with the information reported by Telef&oacute;nica de Espa&ntilde;a and mentioned in the Buenos Aires
Stock Exchange note CD 178338 dated July&nbsp;3, 2007 holding that Telef&oacute;nica de Espa&ntilde;a and Telecom Italia &#147;will be managed autonomously and independently, and that Telef&oacute;nica S.A. (&#147;Telef&oacute;nica&#148;) and the
directors designated by Telef&oacute;nica will neither participate nor vote at the meetings of the corporate authorities at which corporate decisions affecting countries in which both companies are present are discussed&#148;. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">First of all, the expression making reference to the autonomous and independent management is a mere &#147;whereas&#148; clause that lacks any operative and enforcement
provisions in the co-investment agreement and the shareholders&#146; agreement. On the contrary, there are some hints indicating that such autonomy and independence may not be real, as reflected by the phrase: (a)&nbsp;the &#147;strategic vision and
perspective&#148;, (b)&nbsp;the strategic initiatives that Telef&oacute;nica de Espa&ntilde;a and Telecom Italia have committed to supporting, and (c)&nbsp;the synergies between Telecom Italia and Telef&oacute;nica de Espa&ntilde;a. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Regarding the alleged abstention by Telef&oacute;nica de Espa&ntilde;a and the directors appointed as a result of its
proposals to participate at the meetings of the corporate authorities where corporate decisions affecting the countries in which both companies are present are discussed, such commitment has not been included in such terms in the shareholders&#146;
agreement, given that the abstention would only apply, according to Telco&#146;s shareholders&#146; agreement, if there are regulatory and legal restrictions or limitation preventing Telef&oacute;nica de Espa&ntilde;a from voting. Telef&oacute;nica
de Espa&ntilde;a has not explained to date if such limitations or restrictions exist and which such limitations and restrictions are. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Summing up and to
answer the inquiry made by the Buenos Aires Stock Exchange in the reference note, in the opinion of the independent directors of Telecom Argentina Julio Pedro Naveyra and Esteban Macek and of Vice-Chairman Gerardo Werthein, the transfer of
Olimpia&#146;s shares, the creation of Telco and the incorporation of Telef&oacute;nica de Espa&ntilde;a as a shareholder of Telco may give rise to a change in the control structure of Telecom Argentina and there are sufficient grounds to assume
that such change may affect the decision-making structure of Telecom Argentina. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Best regards </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Gerardo Werthein </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Vice-Chairman of Telecom Argentina S.A. </FONT></P>

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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Buenos Aires, August&nbsp;7, 2007</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><B>Comisi&oacute;n Nacional de Valores</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Ref:<U> CNV Note N&ordm; 2806/Emi dated August&nbsp;3, 2007</U> </I></B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><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">I am writing you as <B>Chairman of Telecom Argentina S.A.</B>
(&#147;Telecom Argentina&#148; or the &#147;Company&#148;) to respond to the referred note of the Department of Issuers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In this regard, we inform that we
acknowledge the personal note submitted to the <I>Comisi&oacute;n Nacional de Valores</I> and the <I>Bolsa de Comercio de Buenos Aires</I> (&#147;BCBA&#148;) by the Directors Mr.&nbsp;Gerardo Werthein, Mr.&nbsp;Julio&nbsp;P. Naveyra, and Mr Esteban
Macek. In relation to this matter, we note that the response of Telecom Argentina to the request of information of the BCBA is what was have expressed in the letter dated August&nbsp;3, 2007 signed by Mrs.&nbsp;Maria Delia Carrera Sala, as
Attorney-in-fact of the Company, sent with my authorization, per the legal powers as legal representative of Telecom Argentina. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Moreover, no meeting of
the Board of Directors was held or summoned to deal with the issue referred in the above mentioned letters, and therefore there is no minute of meeting related to such issue. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">With respect to the consideration if the letter submitted by the Directors Mr.&nbsp;Werthein, Mr.&nbsp;Naveyra, and Mr Macek must be published in the <I>Autopista de Informaci&oacute;n Financera</I>, we understand
that the CNV must evaluate such matter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Yours sincerely, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Lic. Carlos A. Felices </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Chairman of the Board </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Buenos Aires, August&nbsp;7, 2007 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Messrs. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Comisi&oacute;n Nacional de Valores </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><U>Attn.: Subgerencia de Sociedades Emisoras</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">c.c.: Bolsa de Comercio de Buenos Aires </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Sirs, </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"> <P STYLE="line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:95%; vertical-align:top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">We hereby respond to your letter sent on August&nbsp;3<FONT FACE="Times New Roman" SIZE="1"><SUP>rd</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2">, in order to inform that we have taken due notice of the letter delivered by the members of the Board of Directors. Messrs. Gerardo Werthein, Julio Naveyra and Esteban Macek. In respect thereof we hereby inform you
that the position of Telecom Argentina S.A. (hereinafter TA) with respect to the request for information submitted by the Bolsa de Comercio de Buenos Aires (hereinafter &#147;BCBA&#148;) is that set forth in the letter sent on August&nbsp;3<FONT
FACE="Times New Roman" SIZE="1"><SUP>rd</SUP></FONT><FONT FACE="Times New Roman" SIZE="2">, 2007 by a duly authorized officer, mandated by the President of TA, in accordance with the authority contemplated in the By-laws. Based on the foregoing, the
letter sent by Messrs. Werthein, Naveyra and Macek is not a letter explanatory of the one sent by TA to the BCBA but one of a personal nature. The foregoing notwithstanding, in the event you consider it appropriate this Supervisory Committee does
not object that same be published, clarifying that (i)&nbsp;such letter is of a private nature and that it is not a document which represents the opinion of TA, and (ii)&nbsp;the Supervisory Committee considers that such letter includes assessments
that, in our judgment, are contradictory to the information published by Telef&oacute;nica &#150;a party to the transaction of sale of shares of Olimpia SpA, shareholder of Telecom Italia SpA- according to their letter sent to the BCBA on
July&nbsp;18, 2007, referred to in paragraph 3 of this letter. </FONT></FONT></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">Therefore, in the event such assessments
result not to be true, such circumstance may be misleading to the investors, and we mention this fact in order to disclaim any liability. </FONT></P> <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">The Board of Directors has not considered the matter, nor the Board has been convened to that effect, as contemplated in Section&nbsp;10 of the By-laws, and therefore there is no
minute to submit. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">In addition, it exceeds the capacity of this Supervisory Committee to give an opinion with respect to a complex transfer of shares subject to foreign law.
Notwithstanding the foregoing, it is worth mentioning that in the information published on July&nbsp;18, 2007, Telef&oacute;nica de Espa&ntilde;a, a party to the transaction, has informed the public the details of same, </FONT>
</P></TD></TR></TABLE>

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<FONT FACE="Times New Roman" SIZE="2">and a copy of such publication is enclosed herewith. Likewise it is necessary to point out that in the same communication it is reported that the European
Commission, in charge of antitrust matters, in response to the consultation posed by the parties to the sale of the shares, gave an opinion whereby they mention that such transaction does not constitute a concentration under the Rules of Control of
Concentration of the European Union, and that none of the parties assumes individual or joint &#147;control&#148; over Telecom Italia. </FONT></P></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">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The contents of this letter were approved by a majority of the members of the Supervisory Committee. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Yours, </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Silvia Poratelli</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Jorge P&eacute;rez Alati</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Regular Syndic</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="top"></TD>
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<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Supervisory Committee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <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: August 20, 2007</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/ Carlos Alberto Felices</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">Carlos Alberto Felices</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">Chairman of the Board of Directors</FONT></TD></TR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
