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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-10-001059.txt : 20100412
<SEC-HEADER>0000950103-10-001059.hdr.sgml : 20100412
<ACCEPTANCE-DATETIME>20100412112543
ACCESSION NUMBER:		0000950103-10-001059
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100412
FILED AS OF DATE:		20100412
DATE AS OF CHANGE:		20100412

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:		10744224

	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>dp17199_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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the Securities Exchange Act of 1934</font></div>
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month of April, 2010</font></div>
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Moreau de Justo, No. 50, 1107</font></div>
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by Regulation S-T Rule 101(b)(1):</font></div>
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by check mark whether by furnishing the information contained in this Form, the
Registrant is also thereby furnishing the information to the Commission pursuant
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connection with Rule 12g3-2(b): <font style="DISPLAY: inline; TEXT-DECORATION: underline">N/A</font></font></div>
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Argentina S.A.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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CONTENTS</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item</font></div>
              </div>
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    </font></td>
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            <td align="left" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Documentation
      of the General Ordinary and Extraordinary Shareholders Meeting summoned
      for April 28, 2010</font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
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1</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FREE
TRANSLATION</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FOR IMMEDIATE
RELEASE</font></font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Buenos Aires, April
8, 2010</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">BUENOS AIRES STOCK
EXCHANGE</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Dear
Sirs,</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">RE.: Documentation of the
General Ordinary and Extraordinary Shareholders Meeting summoned for April 28,
2010</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">I am writing you as
<font style="DISPLAY: inline; FONT-WEIGHT: bold">Attorney-in-fact </font>of
<font style="DISPLAY: inline; FONT-WEIGHT: bold">Telecom Argentina S.A.</font>
(&#8220;Telecom Argentina&#8221; or the &#8220;Company&#8221;) to present complementary documentation of
the referred Shareholders Meeting that was summoned by the Board of Directors of
the Company.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">We hereby
attach:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">a)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The proposals
      of the Board with respect to the matters submitted for the consideration
      of the Shareholders Meeting.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">b)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Minute 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 the issues of its competition.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Sincerely,</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mar&#237;a
Delia Carrera Sala</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Attorney-in-fact</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="+0"><img src="logo.jpg" alt=""></font></font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">PROPOSALS
OF THE BOARD OF DIRECTORS FOR THE ITEMS TO BE </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">DISCUSSED
AT THE ORDINARY AND EXTRAORDINARY </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">SHAREHOLDERS&#8217;
MEETING OF APRIL 28, 2010</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Board of
Directors submits to the shareholders the following proposals for the matters to
be considered at the Ordinary and Extraordinary Meeting of Shareholders called
for April 28, 2010:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proposal on the 1st item of
the Agenda:</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">It is proposed that
<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#8220;the
Chairman of the meeting should be delegated the authority to appoint the two
shareholders or proxies who shall approve and sign the
Minutes.&#8221;</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proposal on the 2nd item of
the Agenda:</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">The
reasons for the delay of the ordinary meeting of shareholders where Fiscal Year
2008 documents would be reviewed shall be informed. This meeting was originally
called for April 28, 2009 and then rescheduled to September 9, 2009, but was
suspended both times by court resolution.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proposal on the 3rd item of
the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">It is proposed that
the shareholders <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#8220;should approve
the documents related to Fiscal Year 2008 (Annual Report, Summary Report, Report
under section 68 of the Buenos Aires Stock Exchange Listing Rules, the Financial
Statements with all Tables, Notes and Exhibits thereof, the Supervisory
Committee&#8217;s Report, the Audit Committee&#8217;s Annual Report and any other document
for the fiscal year, including the English-language documents requested by the
Securities &amp; Exchange Commission), as approved by the Board of Directors,
the Supervisory Committee and the Audit Committee,
respectively&#8221;.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 4th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The following
proposal is submitted<font style="DISPLAY: inline; FONT-STYLE: italic">:
&#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Allocation of P$
12,633,414.- (5% of the net income of Fiscal Year 2008) to the Statutory Reserve
and application of the balance of Retained Earnings as of December 31, 2008 (P$
240,034,873.-) for the partial reconstitution of the Statutory
Reserve.&#160;&#160;At the Shareholders Meeting of April 27, 2006, the amounts
in the Statutory Reserve had been applied to absorb the accumulated deficit as
of December 31, 2005 (P$ 277,242,773</font><font style="DISPLAY: inline; FONT-STYLE: italic">.-). </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">No capitalization
of capital monetary adjustment is proposed as the current outstanding capital
amount is deemed adequate&#8221;.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 5th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Proposal
to &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">approve the documents
regarding Fiscal Year 2009 (Annual Report including Corporate Governance Report,
Summary Report, Report under section 68 of the Buenos Aires Stock Exchange
Listing Rules, the Financial Statements with all Tables, Notes and Exhibits
thereof, the Supervisory Committee&#8217;s Report, the Audit Committee&#8217;s Annual Report
and any other document for the fiscal year, including the English&#8211; language
documents requested by the Securities &amp; Exchange Commission),
as&#160;&#160;approved by the Board of Directors at its meeting of March 11,
2010, the Supervisory Committee (report dated March 11, 2010) and the Audit
Committee, respectively&#8221;.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 6th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The following
proposal is submitted for consideration at the Shareholders&#8217; Meeting<font style="DISPLAY: inline; FONT-STYLE: italic">: </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#8220;Allocation of P$
70,249,535.- (5% of net income of Fiscal Year 2009) to the Statutory Reserve,
allocation of P$ 37,207,900.- to fully reconstitute the Statutory Reserve that
had been applied to absorb losses per a decision made at the Shareholders
Meeting of April 27, 2006; allocation of P$ 1,053,287,646.- for the distribution
of a cash dividend, and the roll-over to the new fiscal year of a balance of
Retained Earnings as of December 31, 2009 (P$ 244,245,627.-). The proposed cash
dividend represents 107% of the share capital and the par value of the shares,
and the three classes of shares outstanding (A, B and C) have the right to
receive this distribution.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Furthermore,
it is proposed that the payment of this dividend should be made in two
installments on the following dates and amounts: May 5, 2010, the amount of P$
689,066,685 and December 20, 2010, the amount of P$ 364,220,961. It is also
proposed that the Board of Directors be delegated the authority to implement the
necessary measures to pay the abovementioned dividends, which the Board may in
turn delegate to directors or officers of the Company.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">It
is hereby informed that the Company shall deduct from the amount of the first
installment to be distributed as dividend, the amount paid by the Company as
personal asset tax (pursuant to unnumbered section following section 25 of Law
No. 23.966 and its amendments) for the fiscal year 2009 and due as of the
dividend payment date, unless the corresponding shareholders provide evidence
that: (i) they have deposited the relevant tax amount in the Company&#8217;s account
or (ii) they did not have any shareholdings as of December 31,
2009.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">No
capitalization of capital monetary adjustment is proposed as the current
outstanding capital amount is deemed adequate.&#8221;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 7th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">The
shareholders should review the performance of the members of the Board of
Directors and the Supervisory Committee who served from April 29, 2008 to
date.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 8th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">It is proposed that
the shareholders <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#8220;should approve
the payment of fees in the aggregate amount of P$ 7,700,000.- to the Board of
Directors for their services rendered from the date of their appointment at the
Shareholders Meeting of April 29, 2008 (or later in the case of a director
appointed by the Supervisory Committee) to the date of this Meeting (24 months
of service.&#160;&#160;This compensation represents 0.48% of &#8220;accountable
profit&#8221; for combined Fiscal Years 2008 and 2009&#8221;</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proposal on the 9th item of
the Agenda:</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">It is proposed that
the shareholders <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8220;should
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">authorize the
Board of Directors to make advance payments of fees to the members of the Board
of Directors acting during Fiscal Year 2010 of up to an aggregate amount of P$
4,500,000.- (from the date of the Shareholders Meeting until the Shareholders
Meeting at which their successors will be designated), contingent on the
decision adopted at the shareholders meeting at which the financial statements
for Fiscal Year 2010 will be reviewed. Furthermore, it is proposed that the
Board of Directors be authorized to increase this amount in the event that
inflation occurs&#8221;.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 10th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">It is proposed that
the shareholders should <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#8220;Approve a full
compensation of P$ 1,188,000.- to the Supervisory Committee members for the
duties performed from the date of their appointment at the Shareholders Meeting
held on April 29, 2008 until the date of this Meeting (24 months of service),
authorizing the Supervisory Committee to distribute this amount as it may deem
convenient. It is also proposed that the Board of Directors should be authorized
to make advance payment of fees of up to P$700,000.- to the Supervisory
Committee members acting during the twenty-second fiscal year, contingent upon
any decision adopted at the Shareholders Meeting that reviews the documents for
such fiscal year. </font><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Furthermore, it
is proposed that the Board of Directors be authorized to increase this amount in
the event that inflation occurs&#8221;.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proposal on the 11th, 12th
and 13</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; TEXT-DECORATION: underline">th</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> items of the
Agenda:</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">The Board of Directors</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
abstain</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">s</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
from submitting a proposal </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">regarding</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
the</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
above-referenced</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
items. In </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">this</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
regard, it is </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">noted</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
that the Company&#8217;s Bylaws provide that the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">S</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">hareholders</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">&#180;
Meeting</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
should appoint no less than three and no more than nine directors to hold office
for the term of one fiscal year and the same or a lesser number of alternate
directors. </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">It
is necessary t</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">o
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">appoint
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">three
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">or</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
five regular members and the same number of alternate members </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">to
the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">Supervisory
Committee. T</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">hose shareholders
proposing candidates to serve on the Board of Directors and the Supervisory
Committee are reminded of the requirement to inform the Shareholders&#8217; Meeting if
the candidates are &#8220;independent&#8221; or &#8220;non-independent&#8221;.</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">The Board of
Directors also reminds the shareholders that no less than three regular
directors must be appointed to take part in the Audit Committee. These directors
must qualify as &#8220;independent&#8221; under Rule 10 A-3 of the Securities &amp; Exchange
Commission, and at least two of them must also qualify as &#8220;independent&#8221; under
the rules of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Comisi&#243;n
Nacional de Valores.</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
Additionally, one or more alternate members</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
who qualify as &#8220;independent&#8221; under both sets of rules</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
should be appointed </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">as</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
substitute</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">s</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">
for </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">any
event requiring a replacement of </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">regular
members of the Audit Committee</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic">.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 14th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-WEIGHT: normal">It
is proposed that</font> </font><font style="FONT-WEIGHT: bold">&#8220;the shareholders
should ratify the resolution of the Board of Directors which establishes that
the accounting firm &#8220;Price Waterhouse &amp; Co. S.R.L.&#8221; (which performed the
same duties during Fiscal Year 2008) will continue acting as the Company&#8217;s
independent auditors for Fiscal Year 2009. Carlos Nestor Martinez, as certified
public accountant, signed the financial statements for this fiscal
year&#8221;.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 15th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic"><font style="FONT-WEIGHT: normal">It is proposed that the shareholders</font>
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#8220;should approve
full compensation in the amount of P$ 3,136,500.- (excluding&#160;&#160;VAT),
for the audit services rendered by the Independent Auditors during Fiscal Year
2008.&#160;&#160;P$ 1,455,000 of this amount corresponds to the audit of the
financial statements and P$ 1,681,500.- corresponds to audit tasks related to
certification under section 404 of the Sarbanes Oxley Act.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: arial">Furthermore,
it is proposed that the compensation for the independent audit of the Fiscal
Year 2009 financial statements be set in the amount of P$ 3,430,000 (excluding
VAT), P$ 1,630,000.- of which corresponds to the audit of the financial
statements and P$ 1,800,000.- to the audit tasks related to certification under
Section 404 of the Sarbanes Oxley Act&#8221;.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 16th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; COLOR: #000000">It is proposed that
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"><font style="FONT-WEIGHT: normal">the shareholders</font> </font><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">&#8220;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">appoint </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">the accounting firm
&#8220;Price Waterhouse &amp; Co. S.R.L.&#8221; as Independent Auditors of the Company for
Fiscal Year 2010 and that their compensation should be fixed at the Shareholders
Meeting that reviews the Fiscal Year 2010 documentation, delegating to the Audit
Committee the authority to </font>determine how their service will be rendered
and to make advance payment of fees.<font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"> Upon </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">this proposal&#8217;s
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">approval</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">,</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"> Alejandro Frechou
w</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">ill</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"> act as regular
certif</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">ied
public</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">
accountant and Carlos Nestor </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Martinez</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"> as his
alternate&#8221;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">.</font></font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Proposal on the 17th item of
the Agenda:</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">The
shareholders shall be informed that during Fiscal Year 2009, P$271,950 were
invested in the operation and training of the Audit Committee. &#8220;It is proposed
to the shareholders that, in accordance with the Audit Committee&#8217;s estimate, the
budget for the operation of this Committee during Fiscal Year 2010 be set at P$
750.000&#8221;.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 18th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">The
shareholders shall be informed that (i) although the acquisition of Cubecorp
Argentina S.A. has yet to be approved by the authorities having jurisdiction
over the application of&#160;&#160;Antitrust Law&#160;&#160;No. 25,156, the
Board of Directors of Telecom Argentina S.A. timely decided to merge Cubecorp
Argentina S.A. with Telecom Argentina S.A.; and (ii) this merger does not
qualify as a new economic concentration requiring the approval by the
authorities responsible for enforcing Law No. 25,156.. Also, &#8220;it is proposed
that the shareholders should approve the Consolidated Special Merger Balance
Sheet of Cubecorp Argentina S.A. and Telecom Argentina S.A.<font style="DISPLAY: inline; COLOR: #000000">,</font> prepared as of December 31,
2008 and the relevant Supervisory Committee report of the as submitted by the
Board of Directors and the Supervisory Committee, respectively<font style="DISPLAY: inline; COLOR: #000000">&#8221;.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 19th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">It is proposed that</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"> &#8220;the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">s</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">hareholders should
approve the Preliminary Merger Agreement executed by Cubecorp Argentina S.A. (as
acquired company which will be dissolved without liquidation) and Telecom
Argentina S.A. (as surviving company), and approved by </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Board of Directors
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">of
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Telecom
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Argentina S.A.
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">on March
6, 2009&#8221;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 20th item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">It is proposed that </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">&#8220;the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">s</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">hareholders authorize
Vice </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Chairman</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">, </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Gerardo
Werthein</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">, and the alternate
director </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Adrian
Werthein</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">
so that any of them indistinctly may execute the Final Merger Agreement with
Cubecorp Argentina S.A. and any supplementary document thereof. It is also
proposed that the </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">shareholders</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"> should appoint Maria
Delia Carrera Sala, Andrea Viviana Cerdan, Graciela Matilde Lazzati, Alejandra
Lea Martinez, </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">Solange
Barthe</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">,
Pedro Gaston Insussarry and Marcelo Fabian Kozak </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">as </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">attorneys-in-fact</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">,</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"> so that any of
them</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">,</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"> individually and
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">without
distinction, </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">may take all the
necessary steps for the approval and registration of the merger </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">between</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000"> Telecom Argentina
S.A. and Cubecorp Argentina S.A&#8221;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; COLOR: #000000">.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Proposal
on the 21st item of the Agenda</font>:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">The
shareholders should decide if the resolution approved at the Shareholders
Meeting held on April 29, 2008 should be changed. This resolution did not
approve Gerardo Werthein&#8217;s performance as director and Vice Chairman of Telecom
Argentina S.A. during the nineteenth fiscal year.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial">Gerardo
      Werthein</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial">Vice-Chairman
      in the exercise of the Presidency</font></div>
              </td>
            </tr>
        </table>
      </div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">MINUTES
OF</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">AUDIT COMMITTEE MEETING No.
82</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial">PARTICIPATING
      MEMBERS:</font></div>
              </td>
              <td valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Enrique
      Garrido, Esteban Gabriel Macek and Domingo Jorge
Messuti</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
            </tr>
            <tr>
              <td valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial">SECRETARY:</font></div>
              </td>
              <td valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Ricardo
      Luttini</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
            </tr>
            <tr>
              <td valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial">EXTERNAL
      ADVISOR:</font></div>
              </td>
              <td valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Carlos
      Fern&#225;ndez Funes</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
            </tr>
            <tr>
              <td valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: arial">DATE
      OF MEETING:</font></div>
              </td>
              <td valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">March 25,
      2010</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">RELEVANT
PART:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">III.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">OPINION ON
THE PROPOSALS THAT THE BOARD OF DIRECTORS INTENDS TO SUBMIT TO THE GENERAL
ORDINARY ANNUAL SHAREHOLDERS MEETING</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Board of
Directors of the Company, at its meeting No. 255 held last March 16, resolved to
request that the Audit Committee, in accordance with sections 13 and 15,
subsections a) and e) of Decree 677/01 and Section 10A of the U.S. Securities
Exchange Act, issue an opinion on the proposals that the Board of Directors
intends to submit to the Annual General Ordinary Shareholders Meeting for
consideration.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Messrs. Messuti and
Garrido were informed about the relevant part of the Minutes of such meeting
which was attended by Directors Gerardo Werthein and Esteban Macek; non-voting
Alternate Directors Adrian Werthein and Eduardo F. Bauer and members of the
Supervisory Committee Diego Serrano Redonnet, Jacqueline Berzon and Gerardo
Prieto.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">8</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The proposals
submitted are included below:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1)&#160;&#160;&#160;&#160;&#160;
The proposal to allocate the aggregate compensation of P$7,700,000 to the
members of the Board of Directors serving from April 29, 2008 until the date of
the Shareholders&#8217; Meeting that would appoint their successors (24 months of
service).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">It should be noted that in respect of
the Board of Directors compensation for fiscal year 2008, in March 2009 the
Audi</font><font style="DISPLAY: inline; COLOR: #000000">t Committee issued its
opinion approving the Board of Directors</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000"> proposal to pay P$3,500,000 (1.44% of
accountable earnings of fiscal year 2008). Since the directors</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000"> term of office was extended for 12
months, </font><font style="DISPLAY: inline; COLOR: #000000">It was deemed
reasonable to maintain the propo</font><font style="DISPLAY: inline; COLOR: #000000">sed amount for the first 12 months and
add P$4,200,000 (0.31% of accountable earnings for Fiscal Year 2009) for the
second 12 months, which implies a 20% increase over the compensation for the
previous period. These amounts add up to an aggregate amount o</font><font style="DISPLAY: inline; COLOR: #000000">f</font><font style="DISPLAY: inline; COLOR: #000000"> P$7,700,000.- for the twenty-four month
period.</font><font style="DISPLAY: inline; COLOR: #000000"> This aggregate
amount represents 0.48% of the aggregate accountable earnings for fiscal years
2008 and 2009, calculated according to the Rules of&#160; the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Comisi&#243;</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">n Nacional de
Valores</font></font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">It also proposed
that the shareholders should authorize the Board to make advance payments of up
to four million and five hundred pesos (P$ 4,500,000.) to those directors who
shall render services during fiscal year 2010 (from the date of the
shareholders&#8217; meeting that appoints them to the date of the meeting designating
their successors), contingent upon the decision rendered at the Shareholders'
Meeting of such fiscal year, authorizing the Board of Directors to increase such
amount in the event of inflation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
proposal to pay to Price Waterhouse &amp; Co. S.R.L., for its services as
Independent Auditors of Telecom Argentina&#8217;s financial statements for fiscal year
2009, the amount of P$ 3,430,000.- excluding VAT,&#160;&#160;of which P$
1,630,000.-&#160;&#160;are assigned to fees for financial statements audit tasks
and 1,800,000 to audit tasks related to certification under Section 404 of the
Sarbanes Oxley Act.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
proposal to appoint Price Waterhouse &amp; Co. S.R.L. as Independent Auditors
for the financial statements for the fiscal year ending on December 31, 2010,
where Alejandro Frechou will act as regular Certified Public Accountant and
Carlos Nestor Martinez as alternate.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">It was requested
that the Audit Committee inform about the amount of expenses assigned for its
operation and training during Fiscal Year 2009.&#160;&#160;This request was made
in order to inform the Shareholders&#8217; Meeting, estimate the funds it deems
necessary to carry out its duties during fiscal year 2010 and request approval
of the budget at the Shareholders&#8217; Meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 13pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 41pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1)</font></div>
              </td>
              <td width="1038">
                <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Opinion on the
      Proposal of Fees Payable to the Board of Directors acting from April 29,
      2008 to the date of the meeting at which Successors would be Designated,
      for fiscal years 2008 and 2009; Opinion regarding the Proposal to make
      Advance Payment to Directors acting during Fiscal Year
      2010</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Board of
Directors approved the proposal to assign to the directors acting from April 29,
2008 until the date of the meeting designating their successors (24 months of
service) the aggregate compensation of P$7,700,000.-</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">10</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">It should be noted that with respect to
the Board of Directors</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000"> compensation for fiscal year 2008, in
March 2009 the Audit Committee issued its opinion in favor of the
Board</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s proposal to pay P$3,500,000 (1.44% of
accounta</font><font style="DISPLAY: inline; COLOR: #000000">ble earnings for
fiscal year 2008). Since the directors</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000"> term of office was extended for 12
months, </font><font style="DISPLAY: inline; COLOR: #000000">It was deemed
reasonable to maintain the proposed amount for the first 12 months and add
P$4,200,000 (0.31% of accountable earnings for Fiscal Year 2009) fo</font><font style="DISPLAY: inline; COLOR: #000000">r the second 12 months, which implies a
20% increase over the compensation for the previous period. These amounts add up
to an aggregate amount of P$7,700,000.- for the twenty-four month
period</font><font style="DISPLAY: inline; COLOR: #000000">. This aggregate
amount represents 0.48% of the aggregate accou</font><font style="DISPLAY: inline; COLOR: #000000">ntable earnings for fiscal years 2008
and 2009, calculated according to the Rules of the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Comisi&#243;</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">n Nacional de
Valores</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">It would also be
proposed that an authorization be made at the Shareholders Meeting that the
Board make advances of up to four million and five hundred thousand pesos (P$
4,500,000.) to those directors who shall render services during fiscal year
2010, authorizing the Board to increase such amount in the event of inflation,
contingent upon the decision rendered at the Shareholders' Meeting where the
documents for such fiscal year will be reviewed.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">According to
section 15 subsection e) of Decree No. 677/01, the Audit Committee must issue an
opinion on the reasonableness of the proposal to pay P$7,700,000 to the Board of
Directors for its 24 months of service. Accordingly, the Audit Committee
ratified its previously-issued opinion in favor of the proposal to pay fees for
12 months of service in the amount of $3,500,000 (1.44% of accountable earnings
for fiscal year 2008). It also considered reasonable the proposal to increase
the amount by P$4,200,000 </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">11</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">for the second 12
months of service performed by the Board, which represents 0.31% of accountable
earnings for Fiscal Year 2009. These amounts add up to an aggregate amount of
P$7,700,000.- which will be proposed at the shareholders&#8217; meeting for approval
as Board compensation for the 24-month period of service. In order to evaluate
such proposal, the members of the Audit Committee considered the
following:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 53pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 27pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">a)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">the roles,
      responsibilities and dedication of the members of the Board of
      Directors;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 53pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 27pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">b)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">that a new
      survey was conducted on the <font style="DISPLAY: inline; FONT-STYLE: italic">Autopista de Informaci&#243;n
      Financiera of the Comisi&#243;n Nacional de Valores</font> regarding
      compensation paid to directors of other companies similar to Telecom
      Argentina during the last fiscal year reported by such companies.
      According to this survey, the fees proposed for Telecom Argentina
      directors would not exceed the average amount paid by these
      companies;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 53pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 27pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">c)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">the
      consistency of the current proposals with the previous fiscal years
      proposals, taking into account the term of Board
  service;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 53pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 27pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">d)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">that the
      total amount of fees proposed represent a reduced percentage of the
      Company&#8217;s accountable earnings for fiscal years 2008 and 2009, calculated
      according to the rules of the <font style="DISPLAY: inline; FONT-STYLE: italic">Comisi&#243;n Nacional de
      Valores</font>.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Based on the above,
we consider that the compensation proposed by the Board of Directors for
directors acting from April 29, 2008 to the date of the Shareholders Meeting is
reasonable under the terms of the section 2, subsection d) of Chapter III of the
Rules of </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">12</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">the <font style="DISPLAY: inline; FONT-STYLE: italic">Comisi&#243;n Nacional de Valores</font>,
taking into account their&#160;&#160;responsibilities, representation, technical
tasks, dedication, competence and professional reputation and the market value
of their services.&#160;&#160;We consider that such proposed compensation does
not infringe any legal, regulatory or statutory provision applicable to the
Company.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Committee also
considers reasonable, according to market practices, the proposal to authorize
the Board of Directors to make advance payments to those directors acting during
fiscal year 2010 for up to four million five hundred thousand pesos
(P$4,500,000) and to eventually increase such amount in the event of inflation,
contingent upon the decision of the Shareholders&#8217; Meeting that reviews the
documents for such fiscal year.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Independent Auditor
      Fees for Fiscal Year 2009</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Board of
Directors requested our opinion on the proposal to be submitted to the
shareholders on the remuneration to be paid to Price Waterhouse &amp; Co.
S.R.L., for their services as Independent Auditors of the financial statements
of Telecom Argentina for fiscal year 2009.&#160;&#160;The proposal to be
submitted for consideration at the Shareholders&#8217; Meeting provides for the
payment of three million four hundred and thirty thousand pesos (P$ 3,430,000.-)
excluding VAT, of which one million six hundred and thirty thousand pesos
(P$1,630,000) is assigned for fees related to audit tasks for the Company&#8217;s
financial statements and one million eight hundred thousand pesos (P$1,800,000)
related to fees for audit activities performed in connection with the
certification under Section 404 of the Sarbanes Oxley Act.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">13</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Audit
Committee, considering that the fees proposed for the audit of the Financial
Statements for fiscal year 2009 are appropriate in light of the importance,
magnitude and quality of the tasks performed by the Independent Auditors, and
that the proposed fees are within the range of fees approved by other listed
companies similar to Telecom Argentina, concluded that the sum of one million
six hundred and thirty thousand pesos (P$1,630,000) that the Board of Directors
would propose for approval by the shareholders, was deemed
reasonable.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Similarly, taking
into account the complexity of the task and the specialization required for the
Independent Auditors to perform the audit with respect to the certification
under Section 404 of the Sarbanes Oxley Act, the Audit Committee concluded that
the amount of one million eight hundred thousand pesos (P$1,800,000) that the
Board of Directors proposed be approved at the Shareholders Meeting as
compensation for the audit tasks performed was reasonable.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Opinion on the
      Proposal to Appoint the Independent Auditors for Fiscal Year
      2010</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">As noted in the
Minutes of the Board No. 255, the Board of Directors will propose at the Annual
Ordinary Shareholders Meeting the designation of the Accounting Firm Price
Waterhouse &amp; Co. S.R.L. (&#8220;Price&#8221;) as Auditors for the Financial Statements
for fiscal year 2010, where Alejandro Frechou will act as regular Certified
Public Accountant and Carlos N&#233;stor Mart&#237;nez will act as alternate.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The Audit Committee
discussed the firm&#8217;s background and its performance in recent fiscal years and
unanimously resolved to provide to the Board of Directors a favorable opinion of
its proposal to designate Price as Independent Auditors for fiscal year 2010,
for the </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">14</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">same reasons stated
in the reports issued in previous fiscal years, namely:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">That Price is
      one of the most renowned and prestigious accounting firms, both locally
      and internationally.&#160;&#160;Price has performed and continues to
      perform external audit functions for some of the largest companies and
      corporations, and therefore, has a vast experience in the
      field.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">That, except
      for fiscal years 2001 and 2002, Price has acted as Independent Auditors
      for the financial statements of Telecom Argentina since the Company&#8217;s
      incorporation (in some fiscal years as joint-auditor) without receiving
      any complaint from regulators or shareholders. That during fiscal years
      2004, 2005, 2006, 2007, 2008 and 2009, Price acted exclusively as the
      Company&#8217;s Independent Auditor, performing its activities in a satisfactory
      manner and with the required independence as stated in the annual reports
      submitted by this Committee to the Board of Directors of the
      Company.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 54pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">That the
      professional solvency of Price&#8217;s partners and working group performing
      external audit tasks for Telecom Argentina and the knowledge that they
      have acquired about the Company, its accounts and internal controls, make
      it advisable that Price should continue to act as Independent Auditor,
      given that its cumulative experience, proven independence and the
      efficiency with which they have performed their functions, constitute a
      significant advantage of their performance in the new fiscal
      year.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">15</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Report of the Amount
      of Expenses Incurred in Fiscal Year 2009 and Estimate of Resources Needed
      for the Operation of the Audit Committee in Fiscal Year
      2010</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">As indicated above,
the Board of Directors requested the Audit Committee to report expenses related
to fiscal 2009, and to estimate the amount that should be proposed for approval
at the Shareholders&#8217; Meeting as budget for the operation of the Audit Committee
during fiscal 2010.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">First, the
Committee reported that the amount of operating expenses for the fiscal year
2009 was two hundred and seventy-one thousand nine hundred and fifty pesos (P$
271,950), which was lower than the estimated amount because certain contracts
had been deferred, and also due to the absence of any unforeseeable events for
which a reserve had been contemplated in the budget.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Continuing with discussions begun at
previous meetings concerning its budget, the Audit Committee, </font><font style="DISPLAY: inline; COLOR: #000000">given </font><font style="DISPLAY: inline; COLOR: #000000">the </font><font style="DISPLAY: inline; COLOR: #000000">tasks</font><font style="DISPLAY: inline; COLOR: #000000"> performed during the previous fiscal
year, </font><font style="DISPLAY: inline; COLOR: #000000">its </font><font style="DISPLAY: inline; COLOR: #000000">t</font>rainings (particularly given
those trainings related to the applicability of the new International Financial
Reporting Standards or IFRS in Argentina), the current year&#8217;s estimated advisory
needs, and the engagement of services required for the effective performance of
its tasks and responsibilities, resolved to request that an operational budget
of seven hundred and fifty thousand pesos (P$750,000) for fiscal year 2010 be
approved at the Shareholders&#8217; Meeting.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Domingo Jorge
      Messuti</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Audit
      Committee</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
              <td valign="top" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Chairman</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">16</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td colspan="2" valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
            <td align="left" colspan="3" valign="top" width="42%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Telecom
      Argentina S.A.</font></div>
            </td>
            <td align="left" valign="top" width="10%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
