<SEC-DOCUMENT>0001193125-12-194457.txt : 20120430
<SEC-HEADER>0001193125-12-194457.hdr.sgml : 20120430
<ACCEPTANCE-DATETIME>20120430112128
ACCESSION NUMBER:		0001193125-12-194457
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120430
FILED AS OF DATE:		20120430
DATE AS OF CHANGE:		20120430

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:		12792984

	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>d343726d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 6-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Report of Foreign Private Issuer </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Rule 13a-16 or 15d-16 under </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>the Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For the month of April 2012 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Commission File Number: 001-13464 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>Telecom
Argentina S.A. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Translation of registrant&#146;s name into English) </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Alicia Moreau de Justo, No.&nbsp;50, 1107 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Buenos Aires, Argentina </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form
20-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Telecom Argentina S.A. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">TABLE OF CONTENTS </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Item
</U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="99%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<A HREF="#tx343726_1">Summary of the Resolutions approved by the General Ordinary Shareholders Meeting held on April&nbsp;27, 2012 </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:4.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="#tx343726_2">Press Release dated April&nbsp;27, 2012 </A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U><A NAME="tx343726_1"></A>Item&nbsp;1 </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>TELECOM ARGENTINA S.A. </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Summary of the Resolutions approved by the General Ordinary </U></B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Shareholders Meeting held on April&nbsp;27, 2012 </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following resolutions were adopted upon reviewing each of the points included in the Agenda (all of which were approved by a majority of the computable votes, after deducting the voluntary abstentions
from the calculation base). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1&deg;) Appointment of two shareholders to approve and sign the Minutes. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I>Jorge Alberto Firpo, the representative of Nortel Inversora S.A., and Fernando Ledesma Padilla, the representative of JPMorgan Chase Bank,
National Association, the Company&#146;s ADR program administrator, were appointed to approve and sign the Minutes. The President resolved also that the Minutes where to be approved and signed by Mrs.&nbsp;Maria Jos&eacute; Van Morlegan,
representative of the <I>Administraci&oacute;n Nacional de Seguridad Social &#150; Fondo de Garant&iacute;a de Sustentabilidad &#150; Ley N&deg;26.425 </I>(or &#147;ANSeS&#148;).<I> </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>2&deg;) Consideration of the documents provided for in section 234, subsection 1 of Law 19,550, the Rules of the Comisi&oacute;n Nacional de Valores and the Listing Regulations of the Bolsa de Comercio
de Buenos Aires, and of the accounting documents in English required by the Rules of the U.S. Securities&nbsp;&amp; Exchange Commission for the twenty-third fiscal year ended on December&nbsp;31, 2011 (&#147;Fiscal Year 2011&#148;). </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">All of the documentation submitted for consideration by the shareholders was approved without any amendments, as it was presented to the Board of
Directors, the Audit Committee and the Supervisory Committee and approved by the Board of Directors in its meeting held on February&nbsp;16, 2012 and filed with the regulatory entities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>3&deg;) Consideration of the allocation of Retained Earnings as of December&nbsp;31, 2011 ($3,481,318,937). Allocation of the sum of $121,122,477 (5% of Fiscal Year 2011 net income) to the Legal
Reserve. Allocation of the rest of the Retained Earnings ($3,360,196,460) to cash dividends; or capitalization with the delivery of freely disposable shares; or the constitution of facultative reserves; or a combination of these, in accordance to
that resolved by the Shareholders&#146; Meeting and in the amounts for each allocation determined by such Meeting. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Shareholders&#146;
Meeting approved the following allocation of Retained Earnings as of December&nbsp;31, 2011: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B>Pesos<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Retained Earnings as of December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,481,318,937</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">To Legal Reserve (5% of Fiscal Year 2011 net income)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(121,122,477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">To Cash Dividends ($0.82 per share of Face Value $1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(807,192,402</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">To Voluntary Reserve for Future Investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2,553,004,058</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">To New Fiscal Year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;, &#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The cash dividends will be made available to shareholders on May&nbsp;10, 2012 and all three classes of
shares in circulation (A,B and C) will be entitled to receive such dividend. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4&deg;) Consideration of the performance of the Board of
Directors&#146; and the Supervisory Committee&#146;s as of April&nbsp;7, 2011 to the date of this Shareholders&#146; Meeting. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Shareholders&#146; Meeting approved the performance of all the members of the Board of Directors and of the Supervisory Committee acting as of April&nbsp;7, 2011 to the date of this Meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>5&deg;) Consideration of Board of Directors&#146; compensation for the services rendered during Fiscal Year 2011 (as of the Shareholders Meeting of April&nbsp;7, 2011 through the date of this Meeting).
Proposal to pay the global and aggregate amount of P$ 6,795,000.-, which represents 0.29% of the aggregate of &#147;accountable earnings&#148;, calculated under section 2 of Chapter III of the Rules of the </B><B><I>Comisi&oacute;n Nacional de
Valores</I></B><B>. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The aggregate compensation of P$ 6,795,000 was approved for the Board of Directors acting from the Shareholders&#146;
Meeting of April&nbsp;7, 2011 to the date of this Meeting, to be distributed in the manner provided for by the Company&#146;s Board of Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>6&deg;) Authorization to the Board of Directors to make advance payments of fees of up to P$6,795,000.- to those directors acting during Fiscal Year 2012 (from the date of this Shareholders&#146;
Meeting through the date of the Shareholders&#146; Meeting considering the documents of such fiscal year and contingent upon the decision passed at such Meeting). </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Board of Directors was authorized to make advance payments of fees to the members of the Board of Directors acting during Fiscal Year 2012 for up to an aggregate amount of P$6,795,000, contingent upon
the decision adopted at the Shareholders&#146; Meeting that considers the documentation for such fiscal year. The Board of Directors was authorized to increase such amount based on reasonable standards in case of inflation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7&deg;) Consideration of the Supervisory Committee&#146;s compensation for services rendered during Fiscal Year 2011 (as of the Shareholders&#146;
Meeting held on April&nbsp;7, 2011 through the date of this Meeting). Proposal to pay an aggregate amount of P$1,221,000. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total
compensation of P$1,221,000 was approved for the Supervisory Committee members acting from the Shareholders Meeting held on April&nbsp;7, 2011 to the date of this Meeting. Such amount shall be distributed equally between the regular members who, in
each case, shall proportionally distribute it in favor of their respective alternates that effectively served and in such manner as determined by the regular members. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>8&deg;) Determination of the number of regular members and alternate members of the Supervisory Committee for Fiscal Year 2012. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">It was resolved that the Supervisory Committee acting during Fiscal Year 2012 will be composed of five (5)&nbsp;regular members and five (5)&nbsp;alternate members. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9&deg;) Election of regular members of the Supervisory Committee. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The shareholder ANSeS exercised its cumulative voting rights therefore filing one of the vacant positions. As a result, the remaining four members were
elected by the ordinary or plural voting system. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following persons were elected as regular members: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Diego Serrano Redonnet; Adela Alicia Codagnone; Fernando Sa&uacute;l Zoppi Gerardo Prieto and Silvia Alejandra Rodriguez </B>(designated by cumulative
vote)<B>. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">It was informed that Diego Maria Serrano Redonnet, Adela Alicia Codagnone, and Fernando Sa&uacute;l Zoppi are lawyers and
members of the law firm &#147;Estudio Perez Alati&#148;, and that they are included under the categories listed in the third paragraph of section 4 of Chapter XXI of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I>. Gerardo Prieto is a
certified accountant and is not included in the categories described under Technical Resolution No.&nbsp;15 of the <I>Federaci&oacute;n de Consejos Profesionales de Ciencias Econ&oacute;micas</I> (Federation of Professional Councils in Economic
Sciences), establishes the cases under which an accountant is considered &#147;non- independent&#148;, nor in any of the categories mentioned in the third paragraph of section 4 of Chapter XXI of the Rules of the <I>Comisi&oacute;n Nacional de
Valores</I>. It was also informed that none the elected members, the Law Firms that they are members of or other members of such Law Firms have not been External Auditors of Telecom Argentina nor will be nominated for such purpose by Nortel
Inversora S.A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">It was also informed that Silvia Alejandra Rodriguez is considered &#147;independent&#148; in accordance with section 4 of
Chapter XXI of the Rules of the <I>Comisi&oacute;n Nacional de Valores.</I> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>10&deg;) Election of alternate members of the Supervisory
Committee. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The shareholder ANSeS exercised its cumulative voting rights therefore filing one of the vacant positions. As a result, the
remaining four members were elected by the ordinary or plural voting system. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following persons were elected as alternate members:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Cristian Alberto Kr&uuml;ger; Pablo Rueda; Maria Gabriela Grigoni, Guillermo Feldberg and Mart&iacute;n Esteban Scotto </B>designated by
cumulative vote)<B>. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">It was resolved that Mr.&nbsp;Kr&uuml;ger, Mr.&nbsp;Rueda and Mrs.&nbsp;Grigioni will act as alternate members,
indistinctively, of the regular members Diego Maria Serrano Redonnet, Adela Alicia Codagnone, and Fernando Sa&uacute;l Zoppi; Mr.&nbsp;Guillermo Feldberg as alternate member of Mr.&nbsp;Gerardo Prieto and Mr.&nbsp;Scotto as alternate member of
Mrs.&nbsp;Rodriguez. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">It was informed that Cristian Alberto Kr&uuml;ger, Pablo Rueda, and Mrs.&nbsp;Maria Gabriela Grigoni are lawyers and
members of the law firm &#147;Estudio Perez Alati&#148;, and that they are included under the categories listed in the third paragraph of section 4 of Chapter XXI of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I>. Guillermo Feldberg is
a certified accountant and is not included in the categories described under Technical Resolution No.&nbsp;15 of the <I>Federaci&oacute;n de Consejos Profesionales de Ciencias Econ&oacute;micas</I> (Federation of Professional Councils in Economic
Sciences) as that mentions the cases under which accountant is considered &#147;non- independent&#148; nor in any of </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
the categories mentioned in the third paragraph of section 4 of Chapter XXI of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I>. It was also informed that the elected members, the Law
Firms that they are members of or other members of such Law Firms have not been External Auditors of Telecom Argentina nor will be nominated for such purpose by Nortel Inversora S.A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">It was also informed that Martin Esteban Scotto is considered &#147;independent&#148; in accordance with section 4 of Chapter XXI of the Rules of the <I>Comisi&oacute;n Nacional de Valores.</I>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>11&deg;) Authorization to make advance payments of fees for up to P$1,585,000.- to those members of the Supervisory Committee acting
during Fiscal Year 2012 (from the date of this Shareholders&#146; Meeting through the date of the Shareholders&#146; Meeting reviewing the documents of such fiscal year and contingent upon the decision passed at such Meeting). </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board of Directors was authorized to make advance payment of fees to the members of the Supervisory Committee acting during Fiscal Year 2012 for up
to an aggregate of P$1,585,000 contingent upon the decision adopted at the Meeting reviewing the documents of such fiscal year. The Board of Directors was authorized to increase such amount based on reasonable standards in case of inflation.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>12&deg;) Appointment of Independent auditors for Fiscal Year 2012 financial statements and determination of their compensation as well as
of the compensation due to those acting in Fiscal Year 2011. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Accounting Firm &#147;Price Waterhouse&nbsp;&amp; Co SRL&#148; was
appointed Independent Auditor of the financial statements for Fiscal Year 2012. Alejandro Pablo Frechou was designated as the regular certifying accountant and Carlos Nestor Martinez as his alternate. Also it was decided that their compensation
should be determined at the Shareholders&#146; Meeting reviewing the financial statements for that fiscal year, and it was delegated to the audit committee the authority to determine how their service would be rendered and to make fee advance
payments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The compensation of the Independent Auditor acting during the fiscal year ended on December&nbsp;31, 2011 was set in the aggregate
amount of P$ 4,360,000, excluding VAT, of which P$2,210,000 were assigned to the financial statement audit fees and P$ 2,150,000 to the audit tasks related to certification under Section&nbsp;404 of the Sarbanes-Oxley Act. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>13&deg;) Consideration of Audit Committee&#146;s Budget for Fiscal Year 2012. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The budget for the Audit Committee operation for the Fiscal Year ending December&nbsp;31, 2012 was set in the amount of P$1,250,000.- </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">At the Shareholders&#146; Meeting the Company informed that in 2012 it expects to execute investments of P$4.5 billion, representing an increase the amount invested in 2011 by 42%. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">All resolutions where passed by the majority of computable votes, after deducting the voluntary abstentions of the calculation base. While dealing with
points 9&deg; and 10&deg; of the Agenda, a regular member and an alternate member of the Supervisory Committee were elected by the cumulative voting system and the remaining members by the ordinary or plural voting system. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Shareholders&#146; Meeting was attended by Maria Ines Pont Lezica on behalf of the <I>Comisi&oacute;n
Nacional de Valores</I> and accountant Alejandro Romano on behalf of the Buenos Aires Stock Exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Mar&iacute;a Delia
Carrera Sala </I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Attorney-at-law and in-fact </I></B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="tx343726_2"></A>Item&nbsp;2 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right">


<IMG SRC="g343726g80v38.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Market Cap.: P$15.5 billion </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>April&nbsp;27, 2012 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Contacts: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pedro Insussarry </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Solange Barthe Dennin </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telecom Argentina
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5411) 4968 3743/3752 </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Telecom Argentina announces </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>a higher level of investments </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Buenos Aires, April&nbsp;27, 2012 - Telecom Argentina
(NYSE: TEO, BASE: TECO2), (&#147;Telecom Argentina&#148; or the &#147;Company&#148;), one of the leading telecommunications groups in Argentina, informed today at the Annual Shareholders&#146; Meeting about the development of the Argentine
telecommunication sector evidenced in recent years and the performance of the Telecom Group, which, during this period, registers a growth rate higher than the average of the market. Despite the high penetration levels of the telecommunication
services in Argentina, the Company expects sustained growth rates for the forthcoming years. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2011, P$3.2 billion were invested (23% more
than 2011) and at the Annual Shareholders&#146; Meeting the Company announced that, following the expected growth and to be able to provide more and better services, it expects to increase the level of investments in 2012 to P$4.5 billion (42% more
that 2011). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Annual Shareholders Meeting resolved to distribute a cash dividend of P$807 million (equivalent to P$0.82 per
share). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Summary of the resolutions passed by the Annual Shareholders Meeting held today will be available at
<B><U>www.telecom.com.ar/inversores.</U></B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For any additional questions, please contact the following persons of the Investor Relations
office: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Solange Barthe Dennin</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Horacio Nicol&aacute;s del Campo</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gustavo Tewel</FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5411) 4968 3752</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5411) 4968 6236</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5411) 4968 3718</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tel: (5411)&nbsp;4968 3628 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Fax: (5411)&nbsp;4968 3616 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">E-mail: relinver@ta.telecom.com.ar </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">* * * * * </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telecom is the parent company of a leading telecommunications group in Argentina, where it offers, either or
through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission and Internet services, among other services. Additionally, through a controlled subsidiary, the Telecom Group offers cellular services in
Paraguay. The Company commenced operations on November&nbsp;8, 1990, upon the Argentine government&#146;s transfer of the telecommunications system in the northern region of Argentina. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Nortel Inversora S.A. (&#147;Nortel&#148;), which acquired the majority of the Company from the Argentine government, holds 54.74% of
Telecom&#146;s common stock. Nortel is a holding company whose common stock (approximately 74% of capital stock) is owned by Sofora Telecomunicaciones S.A. Additionally, Nortel capital stock comprised of preferred shares that are held by minority
shareholders.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of April&nbsp;27, 2012, Telecom had 984,380,978 shares
outstanding.</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:2.00em; text-indent:-2.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">(*)&nbsp;&nbsp;&nbsp;&nbsp;Employee Stock Ownership Program</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For information about Telecom Group services, visit: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>www.telecom.com.ar</U> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>www.personal.com.ar</U> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>www.personal.com.py</U> </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>www.arnet.com.ar</U> </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Disclaimer
</U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This document may contain statements that could constitute forward-looking statements, including, but not limited to, the Company&#146;s
expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; the effects of its debt restructuring process; the impact of emergency laws enacted by the Argentine
Government; and the impact of rate changes and competition on the Company&#146;s future financial performance. Forward-looking statements may be identified by words such as &#147;believes,&#148; &#147;expects,&#148; &#147;anticipates,&#148;
&#147;projects,&#148; &#147;intends,&#148; &#147;should,&#148; &#147;seeks,&#148; &#147;estimates,&#148; &#147;future&#148; or other similar expressions. Forward-looking statements involve risks and uncertainties that could significantly affect the
Company&#146;s expected results. The risks and uncertainties include, but are not limited to, the impact of emergency laws enacted by the Argentine government that have resulted in the repeal of Argentina&#146;s Convertibility law, devaluation of
the peso, various changes in restrictions on the ability to exchange pesos into foreign currencies, and currency transfer policy generally, the &#147;pesification&#148; of tariffs charged for public services, the elimination of indexes to adjust
rates charged for public services and the Executive branch announcement to renegotiate the terms of the concessions granted to public service providers, including Telecom. Due to extensive changes in laws and economic and business conditions in
Argentina, it is difficult to predict the impact of these changes on the Company&#146;s financial condition. Other factors may include, but are not limited to, the evolution of the economy in Argentina, growing inflationary pressure and evolution in
consumer spending and the outcome of certain legal proceedings. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. The Company undertakes no obligation to release publicly
the results of any revisions to forward-looking statements which may be made to reflect events and circumstances after the date of this press release, including, without limitation, changes in the Company&#146;s business or to reflect the occurrence
of unanticipated events. Readers are encouraged to consult the Company&#146;s Annual Report on Form 20-F, as well as periodic filings made on Form 6-K, which are filed with or furnished to the United States Securities and Exchange Commission for
further information concerning risks and uncertainties faced by Telecom. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>SIGNATURES<B> </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Telecom Argentina S.A.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: April 30, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Enrique Garrido</FONT></P></TD></TR>
<TR>
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Enrique Garrido</FONT></TD></TR>
<TR>
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chairman of the Board of Directors</FONT></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
