<SEC-DOCUMENT>0001193125-14-171751.txt : 20140430
<SEC-HEADER>0001193125-14-171751.hdr.sgml : 20140430
<ACCEPTANCE-DATETIME>20140430153033
ACCESSION NUMBER:		0001193125-14-171751
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140430
FILED AS OF DATE:		20140430
DATE AS OF CHANGE:		20140430

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:		14798279

	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>d719855d6k.htm
<DESCRIPTION>FORM 6K
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<HTML><HEAD>
<TITLE>Form 6K</TITLE>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of Foreign Issuer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule 13a-16 or 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of April, 2014 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: 001-13464 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Telecom
Argentina S.A. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alicia Moreau de Justo, No.&nbsp;50, 1107 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Buenos Aires, Argentina </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">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> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">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> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">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> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether by furnishing the information contained in this Form, the
Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">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> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): <U>N/A</U> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>Telecom Argentina S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman">1.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><A HREF="#tx719855_1">English translation of letter to the Argentine Securities Commission dated April&nbsp;29, 2014 regarding appointment of the members of the Supervisory Committee, the Audit Committee and Independent
Auditor.</A></TD>
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<TD VALIGN="top"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman">2.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><A HREF="#tx719855_2">Summary of the Resolutions approved by the General Ordinary Shareholders&#146; Meeting held on April&nbsp;29, 2014</A></TD>
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<IMG SRC="g719855tx_pg004.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx719855_1"></A>FREE TRANSLATION </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>FOR IMMEDIATE RELEASE </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Buenos Aires,
April&nbsp;29, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SECURITIES AND EXCHANGE COMMISSION </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>RE.: APPOINTMENT OF THE MEMBERS OF THE
SUPERVISORY COMMITTEE, THE AUDIT COMMITTEE AND INDEPENDENT AUDITOR </U></I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Pursuant to article 4, Chapter II, Title II and article 11,
Chapter I, Title XV of the CNV Rules (NT 2013) </U></I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am writing to you as Attorney-in-fact of Telecom Argentina S.A. (&#147;Telecom
Argentina&#148; or the &#147;Company&#148;) to inform you of the resolutions adopted at the Ordinary Shareholders&#146; Meeting held on April&nbsp;29, 2014 with respect to the composition of the Supervisory Committee of Telecom Argentina S.A. that
will hold office during Fiscal Year 2014: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>SUPERVISORY COMMITTEE:</U> <U>Regular Members</U>:</B> Evelina Leon&iacute; Sarrailh (Chairman), Gustavo
Adri&aacute;n Enrique Gen&eacute;, Susana Margarita Chiaramoni, Gerardo Prieto, Ra&uacute;l Alberto Garr&eacute;. <B><U>Alternate Members:</U></B> Gonzalo Francisco Oliva Beltr&aacute;n, Alberto Gustavo Gonzalez, Jacqueline Berz&oacute;n, Guillermo
Feldberg, Silvia Alejandra Rodriguez. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>AUDIT COMMITTEE:</U></B> Enrique Garrido, Esteban Gabriel Macek (&#147;financial expert&#148; of the Audit
Committee) and Federico Horacio Gosman. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Members of the Supervisory Committee and the Audit Committee will hold office through the date of the
Shareholders&#146; Meeting which will consider the documentation for fiscal year 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Members of the Board of Directors of Telecom Argentina S.A.
appointed at the Ordinary Shareholders&#146; Meeting held on April&nbsp;23, 2013 and at the meeting of the Board of Directors held on December&nbsp;9, 2013, as previously informed, still hold office as directors as they were appointed for three
fiscal years (through the date of the Ordinary Shareholders&#146; Meeting which will consider the documentation for fiscal year 2015). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>INDEPENDENT
AUDITORS FOR FISCAL YEAR 2014</U></B>: The accounting firm &#147;Price Waterhouse&nbsp;&amp; Co SRL&#148;. <B><U>Certified Public Accountant:</U></B> Carlos Alberto Pace. <B><U>Alternate Certified Public Accountant:</U></B> Mario Angel Julio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>MANAGEMENT WITH DIRECT REPORT TO THE BOARD OF DIRECTORS: </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Chief Executive Officer:</U></B> Stefano De Angelis </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Internal Audit Director:</U></B> Ricardo D. Luttini </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours
sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mar&iacute;a Delia Carrera Sala </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Attorney-in-fact </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U><A NAME="tx719855_2"></A>TELECOM ARGENTINA S.A. </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Summary of the Resolutions approved by the General Ordinary </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Shareholders&#146; Meeting held on April&nbsp;29, 2014 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following resolutions were adopted upon reviewing each of the items included in the Agenda: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1&deg;) Appointment of two shareholders to approve and sign the Minutes of the Meeting. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mrs.&nbsp;Maria de los Angeles Blanco Salgado, the representative of Nortel Inversora S.A. and Mr.&nbsp;Pablo Andres Mascioli, the representative of
Administraci&oacute;n Nacional de Seguridad Social &#150; Fondo de Garant&iacute;a de Sustentabilidad &#150; Ley N 26,425 (or &#147;ANSeS&#148;), were appointed to approve and sign the Minutes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2&deg;) Review the documents provided for in Section&nbsp;234, Subsection 1 of Law 19,550, the Rules of the Argentine National Securities Commission
(</B><B><I>Comisi&oacute;n Nacional de Valores</I></B><B> (&#147;CNV&#148;)) and the Listing Regulations of the Buenos Aires Stock Exchange (</B><B><I>Bolsa de Comercio de Buenos Aires</I></B><B>), and of the accounting documents in English required
by the Rules of the U.S. Securities and Exchange Commission for the twenty-fifth fiscal year ended December&nbsp;31, 2013 (&#145;Fiscal Year 2013&#146;). </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of the documentation submitted for consideration by the shareholders was approved without amendment, as presented to the Board of Directors, the Audit
Committee and the Supervisory Committee and as approved by the Board of Directors in its meeting held on February&nbsp;27, 2014 and filed with the regulatory entities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3&deg;) Analysis of the allocation of Retained Earnings as of December&nbsp;31, 2013 (P$ 3,202,462,964.-). The Board of Directors proposes the allocation
of: (i)&nbsp;P$ 9,369,889.- to the Legal Reserve; (ii)&nbsp;P$ 1,201,757,911.- to &#145;Cash Dividends&#146; (in two equal installments to be paid on May&nbsp;8th, 2014 and in September 2014 when the Board of Directors determines the specific date
for such payment); (iii)&nbsp;P$ 1,991,335,164.- to &#145;Voluntary Reserve for Future Capital Operations&#146;&#146;. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Delegation of powers to the
Board of Directors to determine the allocation of the Voluntary Reserve for Future Capital Operations for their specific purposes. </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was resolved to adjourn until May&nbsp;21st, 2014 at 10:00 a.m., to consider the third item of the Agenda.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4&deg;) Review of the performance of the members of the Board of Directors and the Supervisory Committee from April&nbsp;23, 2013 to the date of this
Shareholders&#146; Meeting. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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;23, 2013 to the date of this Meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5&deg;) Review of the compensation of the Board of Directors for
the services rendered during Fiscal Year 2013 (from the Shareholders&#146; Meeting of April&nbsp;23, 2013 to the date of this Meeting). Proposal to pay the aggregate amount of P$ 13,300,000.-, which represents 0.41% of &#145;accountable
earnings&#146;, calculated under Section&nbsp;3 of Chapter III, Title II of the Rules of CNV (N.T. 2013). </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The aggregate compensation of P$ 13,300,000
was approved for members of the Board of Directors acting from the Shareholders&#146; Meeting of April&nbsp;23, 2013 to the date of this Meeting, to be distributed in the manner provided for by the Company&#146;s Board of Directors, taking in
consideration the advance payments of fees that the Directors have received. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6&deg;) Authorize the Board of Directors to make advance payments of fees
for up to P$ 11,000,000.- to those Directors acting during Fiscal Year 2014 (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 adopted at such Meeting). </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors was authorized to make advance payments of fees to the members of the Board of Directors
acting during Fiscal Year 2014 for up to an aggregate amount of P$ 11,000,000, contingent upon the decision adopted at the Shareholders&#146; Meeting which considers the documentation for such fiscal year. The Board of Directors was authorized to
increase such amount based on reasonable standards in case of advent of exceptional circunstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7&deg;) Review of the Supervisory Committee&#146;s
compensation for the services rendered during Fiscal Year 2013 (as from the Shareholders&#146; Meeting of April&nbsp;23, 2013 through the date of this meeting). Proposal to pay the aggregate amount of P$ 2,960,000.- </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total compensation of P$2,960,000 was approved for the Supervisory Committee members acting from the
Shareholders&#146; Meeting held on April&nbsp;23, 2013 to the date of this Meeting, taking in consideration the advance payments of fees that the members of the Supervisory Committee have received. Such amount shall be distributed equally between
the regular members who, if applicable, shall proportionally distribute it in favor of their respective alternates who effectively served and in such manner as determined by the regular members. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8&deg;) Determination of the number of members and alternate members of the Supervisory Committee for Fiscal Year 2014. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was resolved that the Supervisory Committe for the Fiscal Year 2014 will be composed of five (5)&nbsp;regular members and five (5)&nbsp;alternate members.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9&deg;) Election of members of the Supervisory Committee. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following persons were elected as regular members: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Evelina
Leon&iacute; Sarrailh; Gustavo Adri&aacute;n Enrique Gen&eacute;; Susana Margarita Chiaramoni; Gerardo Prieto y Ra&uacute;l Alberto Garr&eacute;. Mr.&nbsp;Garr&eacute; was proposed by the shareholder ANSeS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Evelina Leon&iacute; Sarrailh and Ms.&nbsp;Susana&nbsp;M. Chiaramoni are lawyers and Messrs. Gustavo Adrian Enrique Gen&eacute; and Gerardo Pietro
are certified accountants; and Mr.&nbsp;Ra&uacute;l Alberto Garr&eacute; is a lawyer and a certified accountant and all of them qualify as &#147;Independent&#148; according to the categories described under Technical Resolutions of the
<I>Federaci&oacute;n Argentina de Consejos Profesionales de Ciencias Econ&oacute;micas</I> (Argentine Federation of Professional Councils in Economic Sciences) applicable for the determination of the Supervisory Committee members&#146; independence,
in accordance with article 12 of Chapter III, Title II of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I> (N.T. 2013). None of them falls under any of the circumstances listed in Article 4 of Chapter I of Title XII of the Rules of the
<I>Comisi&oacute;n Nacional de Valores</I> (N.T. 2013). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was also stated that none of the elected members, the law firms that they are members of or
other members of such law firms have been External Auditors of Telecom Argentina nor will be nominated for such purpose. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10&deg;) Election of alternate members of the Supervisory Committee. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following persons were elected as alternate members: Gonzalo Francisco Oliva Beltr&aacute;n (as alternate to Evelina L. Sarrailh), Alberto Gustavo
Gonzalez (as alternate to Gustavo Adri&aacute;n Enrique Gen&eacute;), Jacqueline Berz&oacute;n (as alternate to Susana Margarita Chiaramoni), Guillermo Feldberg (as alternate to Gerardo Prieto) and Silvia Alejandra Rodriguez (as alternate to
Ra&uacute;l Alberto Garr&eacute;). Ms.&nbsp;Silvia&nbsp;A. Rodriguez was proposed by the shareholder ANSeS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Gonzalo&nbsp;F. Oliva Beltr&aacute;n
and Ms.&nbsp;Jacqueline Berz&oacute;n and Ms.&nbsp;Silvia&nbsp;A. Rodriguez are lawyers and Messrs. Alberto G. Gonzalez and Guillermo Feldberg are certified accountants and all of them qualify as &#147;Independent&#148; according to the categories
described under Technical Resolutions of the <I>Federaci&oacute;n Argentina de Consejos Profesionales de Ciencias Econ&oacute;micas</I> (Argentine Federation of Professional Councils in Economic Sciences), applicable for the determination of the
Supervisory Committee members&#146; independence in accordance with article 12 of Chapter III, Title II of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I> (N.T. 2013). None of them falls under any of the circumstances listed in Article 4
of Chapter I of Title XII of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I> (N.T. 2013). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was also stated that none of the elected
alternate members, the law firms that they are members of or other members of such law firms have been external auditors of Telecom Argentina nor will be nominated for such purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11&deg;) Authorize the Board of Directors to make advance payments of fees of up to P$ 2,960,000.-, to those Supervisory Committee members acting during
Fiscal Year 2014 (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 adopted at such Meeting). </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors was authorized to make advance payment of fees to the members of the Supervisory Committee acting during Fiscal Year 2014 for up to an
aggregate of P$ 2,960,000 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 of exceptional
circumstances. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12&deg;) Appointment of independent auditors for the Fiscal Year 2014 financial statements and determination
of their compensation as well as of the compensation due to those acting in Fiscal Year 2013. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Accounting Firm &#147;Price Waterhouse&nbsp;&amp;
Co SRL&#148; was appointed Independent Auditor of the financial statements for Fiscal Year 2014. Mr.&nbsp;Carlos Alberto Pace was designated as the regular certifying accountant and Mr.&nbsp;Mario Angel Julio as his alternate. In addition, it was
decided that their compensation should be determined at the Shareholders&#146; Meeting reviewing the financial statements for that fiscal year, and the audit committee was delegated the authority to determine how their service would be rendered and
to make advance fee payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The compensation of the Independent Auditor acting during the fiscal year ended on December&nbsp;31, 2013 was set in the
aggregate amount of P$ 6,300,000, excluding VAT, of which P$ 3,180,000 was assigned to the financial statement audit fees and P$ 3,120,000 to the audit tasks related to certification under Section&nbsp;404 of the Sarbanes-Oxley Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13&deg;) Review of the Audit Committee&#146;s budget for Fiscal Year 2014. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The budget for the Audit Committee operations for the Fiscal Year ending December&nbsp;31, 2014 was set in the amount of P$ 1,800,000.- </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14&deg;) Modification of the procedure set by the Ordinary Shareholders&#146; Meeting of April&nbsp;23, 2013 according to which Alternate Directors
proposed by the shareholder FGS-ANSeS are able to replace Directors proposed by such Shareholder. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was resolved that from the date of this Ordinary
Shareholder&#146;s Meeting, the alternate members of the Board of Directors, Messrs. Eduardo Pablo Guillermo Setti and Juan Massolo and Mrs.&nbsp;Ver&oacute;nica Daniela &Aacute;lvarez, will perform interchangeably as alternates to the regular
directors: Messrs. Esteban Ariel Santa Cruz, Federico Horacio Gosman and Mrs.&nbsp;Mariana Laura Gonzalez. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All resolutions where adopted by the majority
of computable votes, after deducting the voluntary abstentions from the calculation base. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>

<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Mar&iacute;a Delia Carrera Sala </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Attorney-at-law and in-fact </I></B></P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; 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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5"><B>Telecom Argentina S.A.</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">April 30, 2014</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Enrique Garrido</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Enrique Garrido</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Chairman</TD></TR>
</TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
