<SEC-DOCUMENT>0001193805-14-002490.txt : 20141218
<SEC-HEADER>0001193805-14-002490.hdr.sgml : 20141218
<ACCEPTANCE-DATETIME>20141218173429
ACCESSION NUMBER:		0001193805-14-002490
CONFORMED SUBMISSION TYPE:	F-6EF
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20141218
DATE AS OF CHANGE:		20141218
EFFECTIVENESS DATE:		20141218

SUBJECT COMPANY:	

	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:		F-6EF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-201061
		FILM NUMBER:		141297088

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JPMorgan Chase Bank, N.A. - ADR Depositary
		CENTRAL INDEX KEY:			0001474274
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6EF

	BUSINESS ADDRESS:	
		STREET 1:		4 NEW YORK PLAZA
		STREET 2:		13TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		212-319-7600

	MAIL ADDRESS:	
		STREET 1:		4 NEW YORK PLAZA
		STREET 2:		13TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6EF
<SEQUENCE>1
<FILENAME>e613173_f6ef-telecom.htm
<TEXT>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As filed with the U.S. Securities and Exchange Commission on December 18, 2014</font></font></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-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Washington, D.C. 20549</font></font></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-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">FORM F-6</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For Depositary Shares Evidenced by American Depositary Receipts</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">___________________</font></font></div>

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</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">TELECOM ARGENTINA S.A.</font><br>
</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact name of issuer of deposited securities as specified in its charter)</font></font></div>

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</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;Not applicable</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Translation of issuer's name into English)</font></font></div>

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</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Republic of Argentina</font></font></div>

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</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN CHASE BANK, N.A.</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact name of depositary as specified in its charter)</font></font></div>

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</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4 New York Plaza, Floor 12, New York, NY, 10004</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Telephone (800) 990-1135</font></font></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-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________________</font></font></div>

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</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Puglisi &amp; Associates</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">850 Library Avenue, Suite 204</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">P.O. Box 885</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Newark, Delaware 19711</font></font></div>

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</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Copy to:</font></font></div>

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<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Scott A. Ziegler, Esq.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ziegler, Ziegler &amp; Associates LLP</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">570 Lexington Avenue, 44<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Floor</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">New York, New York&#160;&#160;10022</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -5.4pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(212) 319-7600</font></div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It is proposed that this filing become effective under Rule 466</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">x</font>&#160;&#160;immediately upon filing</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="Check2"><!--EFPlaceholder--></a><font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;on (Date) at (Time)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If a separate registration statement has been filed to register the deposited shares, check the following box. <font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<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">CALCULATION OF REGISTRATION FEE</font></div>
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<td valign="bottom" width="35%" style="BORDER-TOP: black 3px double; BORDER-LEFT: black 3px double; BORDER-BOTTOM: black 1px solid">
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<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">Title of each class of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Securities to be registered</font></div>
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<td valign="bottom" width="14%" style="BORDER-TOP: black 3px double; BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">to be registered</font></div>
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<td valign="bottom" width="14%" style="BORDER-TOP: black 3px double; BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed maximum aggregate price per unit <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(1)</font></font></div>
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<td valign="bottom" width="15%" style="BORDER-TOP: black 3px double; BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed maximum</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">aggregate offering price <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">(2)</font></font></div>
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<td valign="bottom" width="13%" style="BORDER-RIGHT: black 3px double; BORDER-TOP: black 3px double; BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 1px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount of</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">registration fee</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<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">American Depositary Shares evidenced by American Depositary Receipts, each American Depositary Share representing five class B ordinary shares of Telecom Argentina S.A.</font></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</td>
<td valign="top" width="14%" style="BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 3px double">
<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">50,000,000</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">American Depositary Shares</font></div>
</div>
</div>
</div>
</td>
<td valign="top" width="14%" style="MARGIN-LEFT: 0pt; BORDER-LEFT: black 0.75pt solid; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; BORDER-BOTTOM: black 3px double; TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0.05</font></div>
</td>
<td valign="top" width="15%" style="BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 3px double">
<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2,500,000</font></div>
</div>
</div>
</div>
</div>
</td>
<td valign="top" width="13%" style="BORDER-RIGHT: black 3px double; BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 3px double">
<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center">

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$290.50</font></font></font></font></font></font></font></font></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</td>
</tr></table>
</div>
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; VERTICAL-ALIGN: baseline">(1)</font></font></div>
</td>
<td>
<div align="justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each unit represents one American Depositary Share.</font></font></font></font></div>
</div>
</div>
</div>
</div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; VERTICAL-ALIGN: baseline">(2)</font></font></div>
</td>
<td>
<div align="justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div align="justify">

<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Estimated solely for the purpose of calculating the registration fee.&#160;&#160;Pursuant to Rule&#160;457(k), such estimate is computed on the basis of the maximum aggregate fees or charges to be imposed in connection with the issuance of American Depositary Receipts evidencing American Depositary Shares.</font></font></font></font></font></div>
</div>
</div>
</div>
</div>
</div>
</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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<div id="PN" style="PAGE-BREAK-AFTER: always">
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<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
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<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<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: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART I</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: Times New Roman">INFORMATION REQUIRED IN PROSPECTUS</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: 36pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Prospectus consists of the proposed form of American Depositary Receipt (&#8220;ADR&#8221; or &#8220;American Depositary Receipt&#8221;) included as Exhibit&#160;(a)(3) to this Registration Statement, which is incorporated herein by reference.</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: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CROSS REFERENCE SHEET</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: 0pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1.&#160;&#160;DESCRIPTION OF SECURITIES TO BE REGISTERED</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="3" valign="bottom" width="4%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item Number and Caption</font></font></font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="7%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Location in Form of American Depositary</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Receipt Filed Herewith as Prospectus</font></font></font></div>
</td>
</tr><tr>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(1)</font></td>
<td colspan="2" width="42%">
<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">Name and address of Depositary</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Introductory paragraph and bottom of face of American Depositary Receipt</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(2)</font></td>
<td colspan="2" width="42%">
<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">Title of American Depositary Receipts and identity of deposited securities</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Face of American Depositary Receipt, top center</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Terms of Deposit:</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(i) </font></td>
<td width="304">
<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">Amount of deposited securities represented by one unit of American Depositary Shares</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Face of American Depositary Receipt, upper right corner</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(ii) </font></td>
<td width="304">
<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">Procedure for voting, if any, the deposited securities</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paragraph (12)</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(iii) </font></td>
<td width="304">
<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">Collection and distribution of dividends</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paragraphs (4), (5), (7) and (10)</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(iv)</font></td>
<td width="304">
<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">Transmission of notices, reports and proxy soliciting material</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paragraphs (3), (8) and (12)</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(v)</font></td>
<td width="304">
<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">Sale or exercise of rights</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paragraphs (4), (5) and (10)</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(vi)&#160;&#160;&#160;</font></td>
<td width="304">
<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">Deposit or sale of securities resulting from dividends, splits or plans of reorganization</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paragraphs (4), (5), (10) and (13)</font></font></div>
</div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; TEXT-INDENT: 0pt" align="left">
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(vii)</font></td>
<td width="304">
<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">Amendment, extension or termination of the Deposit Agreement</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paragraphs (16) and (17)</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(viii)&#160;&#160;</font></td>
<td width="304">
<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">Rights of holders of ADRs to inspect the transfer books of the Depositary and the list of Holders of ADRs</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paragraph (3)</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(ix)</font></td>
<td width="304">
<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">Restrictions upon the right to deposit or withdraw the underlying securities</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paragraphs (1), (2), (4), and (5)</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="40%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(x)</font></td>
<td width="304">
<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">Limitation upon the liability of the Depositary</font></div>
</td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" width="47%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">

<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Paragraph (14)</font></font></div>
</div>
</td>
</tr><tr valign="top">
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="304"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td width="7%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<td width="4%"><font size="2" style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(b)</font></td>
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<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">Statement that Telecom Argentina S.A. is subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended, and, accordingly files certain reports with the Securities and Exchange Commission, and that such reports can be inspected by holders of ADRs and copied at public reference facilities maintained by the Securities and Exchange Commission in Washington, D.C.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deposit Agreement dated as of November 8, 1994 among Telecom Argentina S.A., JPMorgan Chase Bank, N.A., as depositary (the "Depositary"), and all holders from time to time of American Depositary Receipts issued thereunder (the "Deposit Agreement").&#160;&#160;Previously filed as an Exhibit to Registration Statement No.&#160;&#160;33-86048 which is incorporated herein by reference.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment No. 1 to Deposit Agreement. Previously filed as an Exhibit to Registration Statement No.&#160;&#160;333-7452 which is incorporated herein by reference.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form of American Depositary Receipt.&#160;&#160;Filed herewith as Exhibit (a)(3).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Any other agreement to which the Depositary is a party relating to the issuance of the American Depositary Shares registered hereunder or the custody of the deposited securities represented thereby</font>.&#160;&#160;Not Applicable.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Every material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities in effect at any time within the last three years</font>.&#160;&#160;Not Applicable.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Opinion of Ziegler, Ziegler &amp; Associates LLP, counsel to the Depositary, as to the legality of the securities being registered</font>.&#160;&#160;Filed herewith as Exhibit (d).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Certification under Rule 466.</font>&#160;&#160;Filed herewith as Exhibit (e).</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Depositary hereby undertakes to make available at the principal office of the Depositary in the United States, for inspection by holders of the American Depositary Receipts, any reports and communications received from the issuer of the deposited securities which are both (1)&#160;received by the Depositary as the holder of the deposited securities, and (2)&#160;made generally available to the holders of the underlying securities by the issuer.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If the amounts of fees charged are not disclosed in the prospectus, the Depositary undertakes to prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a copy of such fee schedule without charge to anyone upon request.&#160;&#160;The Depositary undertakes to notify each registered holder of an American Depositary Receipt thirty days before any change in the fee schedule.</font></div>
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<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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Gerardo Werthein</font></font></div>
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<DOCUMENT>
<TYPE>EX-99.(A)(3)
<SEQUENCE>2
<FILENAME>e613173_ex99-a3.htm
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<td valign="top" width="70%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit 99(a)(3)</font></div>

<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>

<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;No. of ADSs:</font></div>
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<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">____</font></div>

<div>Number</div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> </font></font>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;_________</font></font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Each ADS represents</font></font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States, as depositary hereunder (the "Depositary"), hereby certifies that <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160;is the registered owner (a "Holder") of <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160;American Depositary Shares ("ADSs"), each (subject to paragraph (13)) representing Five Class B ordinary shares, par value 1.00 Peso per share, (including the rights to receive Shares described in paragraph (1), "Shares" and, together with any other securities, cash or property from time to time held by the Depositary in respect or lieu of deposited Shares, the "Deposited Securities"), of TELECOM ARGENTINA S.A., a corporation organized under the laws of the Republic of Argentina (the "Company"), deposited at the Buenos Aires office of Banco Rio de la Plata S.A., as Custodian (subject to paragraph (15), the "Custodian"), under the Deposit Agreement dated as of November 8, 1994 (as amended from time to time, the "Deposit Agreement") among the Company, the Depositary and all Holders from time to time of American Depositary Receipts issued thereunder ("ADRs"), each of whom by accepting an ADR becomes a party thereto.&#160;&#160;The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the laws of the State of New York.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Issuance of ADRs</font>.&#160;&#160;This ADR is one of the ADRs issued under the Deposit Agreement.&#160;&#160;Subject to paragraph (4), the Depositary may so issue ADRs for delivery at the Transfer Office (defined in paragraph (3)) only against deposit with the Custodian of:&#160;&#160;(a) Shares in form satisfactory to the Custodian; (b) rights to receive Shares from the Company, Caja or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions; or, (c) other rights to receive Shares (until such Shares are actually deposited pursuant to (a) or (b) above, "Pre-released ADRs") only if (i) Pre-released ADRs are fully collateralized (marked to market daily) with cash or U.S. government securities held by the Depositary for the benefit of Holders (but such collateral shall not constitute "Deposited Securities"), (ii) each recipient of Pre-released ADRs represents in writing to the Depositary that such recipient (a) owns such Shares, (b) assigns all beneficial right, title and interest therein to the Depositary, (c) holds such Shares for the account of the Depositary and (d) will deliver such Shares to the Custodian as soon as practicable and promptly upon demand therefor and (iii) all Pre-released ADRs evidence not more than 20% of all ADSs (excluding those evidenced by Pre-released ADRs).&#160;&#160;The Depositary may retain for its own account any earnings on collateral for Pre-released ADRs and its charges for issuance thereof.&#160;&#160;At the request, risk and expense of the person depositing Shares, the Depositary may accept deposits for forwarding to the Custodian and may deliver ADRs at a place other than its office.&#160;&#160;Every person depositing Shares under the Deposit Agreement represents and warrants that such Shares are validly issued and outstanding, fully paid, nonassessable and free of pre-emptive rights, that the person making such deposit is duly authorized so to do and that such Shares are not "restricted securities" as such term is defined in Rule 144 under the Securities Act of 1933.&#160;&#160;Such representations and warranties shall survive the deposit of Shares and issuance of ADRs.&#160;&#160;The Depositary will not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered under the Securities Act of 1933 and not so registered; the Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate the Company's compliance with such Act.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Withdrawal of Deposited Securities</font>.&#160;&#160;Subject to paragraphs (4) and (5), upon surrender of this ADR in form satisfactory to the Depositary at the Transfer Office, the Holder hereof is entitled to electronic delivery through Caja or institutions that maintain accounts at Caja of the Deposited Securities at the time represented by the ADSs evidenced by this ADR.&#160;&#160;At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities at such other place as may have been requested by the Holder.&#160;&#160;Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of Form F-6 under the Securities Act of 1933.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Transfers of ADRs</font>.&#160;&#160;The Depositary or its agent will keep, at a designated transfer office in the Borough of Manhattan, The City of New York (the "Transfer Office"), (a) a register (the "ADR Register") for the registration, registration of transfer, combination and split-up of ADRs, which at all reasonable times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter relating to the Deposit Agreement and (b) facilities for the delivery and receipt of ADRs.&#160;&#160;Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly endorsed or accompanied by proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font> that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes.&#160;&#160;Subject to paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the same number of ADSs evidenced by this ADR, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed or accompanied by proper instruments of transfer and duly stamped as may be required by applicable law; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font> that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it or requested by the Company.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Certain Limitations</font>.&#160;&#160;Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution in respect thereof, or, subject to the last sentence of paragraph (2), the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian may require:&#160;&#160;(a) payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register, including, without limitation, Caja and (iii) any applicable charges as provided in paragraph (7) of this ADR; (b) the production of proof satisfactory to it of (i) the identity and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, payment of all applicable Argentine taxes or other governmental charges, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and (c) compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement.&#160;&#160;The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2), the withdrawal of Deposited Securities may be suspended, generally or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary or the Company.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Taxes</font>.&#160;&#160;If any tax or other governmental charge shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary.&#160;&#160;The Depositary may refuse to effect any registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2), any withdrawal of such Deposited Securities until such payment is made.&#160;&#160;The Depositary may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities (after attempting by reasonable means to notify the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect any such sales of Shares.&#160;&#160;In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian.&#160;&#160;If the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Disclosure of Interests</font>.&#160;&#160;To the extent that the provisions of or governing any Deposited Securities or the rules or regulations of the Bolsa de Commercio de Buenos Aires, S.A. or any successor stock exchange in Buenos Aires, Argentina, the CNV or other governmental authorities may require disclosure of, or impose limits on, beneficial or other ownership of Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and all persons holding ADRs agree to comply with all such disclosure requirements and ownership limitations and to cooperate with the Depositary in the Depositary's compliance with any Company instructions in respect thereof, and the Depositary will use reasonable efforts to comply with such Company instructions.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Charges of Depositary</font>.&#160;&#160;The Depositary may charge each person to whom ADRs are issued against deposits of Shares, including deposits in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10)), and each person surrendering ADRs for withdrawal of Deposited Securities, U.S. $5.00 for each 100 ADSs (or portion thereof) evidenced by the ADRs delivered or surrendered.&#160;&#160;The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge.&#160;&#160;The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements from time to time between the Company and the Depositary, except (i) stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares), (ii) cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders), (iii) transfer or registration fees for the registration of transfer of Deposited Securities on any applicable register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities; there are no such fees in respect of the Shares as of the date of the Deposit Agreement) and (iv) expenses of the Depositary in connection with the conversion of foreign currency into U.S. dollars (which are paid out of such foreign currency).&#160;&#160;These charges may be changed in the manner indicated in paragraph (16).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Available Information</font>.&#160;&#160;The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and the Custodian and at the Transfer Office.&#160;&#160;The Depositary will mail copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company.&#160;&#160;The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the Commission.&#160;&#160;Such reports and other information may be inspected and copied at public reference facilities maintained by the Commission located at the date of the Deposit Agreement at 100 F Street, N.E., Washington, D.C. 20549.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Depositary's office is located at 4 New York Plaza, New York, New York 10004.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Distributions on Deposited Securities</font>.&#160;&#160;Subject to paragraphs (4) and (5), to the extent practicable, the Depositary will distribute by mail to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder's ADRs:&#160;&#160;(a) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Cash</font>:&#160;&#160;Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof authorized in this paragraph (10) ("Cash"), on an averaged or other practicable basis, subject to appropriate adjustments for (i) taxes withheld, (ii) such distribution being impermissible or impracticable with respect to certain Holders, and (iii) deduction of the Depositary's expenses in (1) converting any foreign currency to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner.&#160;&#160;(b) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Shares</font>.&#160;&#160;(i) Additional ADRs evidencing whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities consisting of Shares (a "Share Distribution") and (ii) U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued therefor, as in the case of Cash. (c) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Rights</font>.&#160;&#160;(i) Warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities ("Rights"), to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales cannot practicably be accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse).&#160;&#160;(d) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Distributions</font>.&#160;&#160;(i) Securities or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions and Rights&#160;&#160;("Other Distributions"), by any means that the Depositary, after consultation with the Company if practicable, may deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash.&#160;&#160;Such U.S. dollars available will be distributed by checks drawn on a bank in the United States for whole dollars and cents (any fractional cents being withheld without liability for interest and added to future Cash distributions).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(12)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Voting of Deposited Securities</font>.&#160;&#160;As soon as practicable after receipt from the Company of notice of any meeting or solicitation of consents or proxies of holders of Shares or other Deposited Securities, the Depositary shall mail to Holders a notice stating (a) such information as is contained in such notice and any solicitation materials, (b) that each Holder on the record date set by the Depositary therefor will be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holder's ADRs and (c) the manner in which such instructions may be given.&#160;&#160;Upon receipt of instructions of a Holder on such record date in the manner and on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holder's ADRs in accordance with such instructions.&#160;&#160;The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(13)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Changes Affecting Deposited Securities</font>.&#160;&#160;Subject to paragraphs (4) and (5), the Depositary may, in its discretion, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company, and to the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then constituted.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(14)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Exoneration</font>.&#160;&#160;The Depositary, the Company, their agents and each of them shall: (a) incur no liability (i) if law, regulation, the provisions of or governing any Deposited Securities, act of God, war or other circumstance beyond its control shall prevent, delay or subject to any civil or criminal penalty any act which the Deposit Agreement or this ADR provides shall be done or performed by it, or (ii) by reason of any exercise or failure to exercise any discretion given it in the Deposit Agreement or this ADR; (b) assume no liability except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or bad faith; (c) except in the case of the Company and its agents (other than the Depositary), be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (d) in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required; or (e) not be liable for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or information. The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction or other document believed by them to be genuine and to have been signed or presented by the proper party or parties.&#160;&#160;The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any such vote is cast or for the effect of any such vote.&#160;&#160;The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs.&#160;&#160;The Company has agreed to indemnify the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company against losses incurred by the Company to the extent such losses are due to the negligence or bad faith of the Depositary. No disclaimer of liability under the Securities Act of 1933 is intended by any provision hereof.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(15)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Resignation and Removal of Depositary; the Custodian</font>. The Depositary may resign as Depositary by written notice of its election to do so delivered to the Company, or be removed as Depositary by the Company by written notice of such removal delivered to the Depositary; such resignation or removal shall take effect upon the appointment of and acceptance by a successor depositary.&#160;&#160;The Depositary may appoint substitute or additional Custodians and the term "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Custodian</font>" refers to each Custodian or all Custodians as the context requires.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(16)&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment</font>.&#160;&#160;Subject to the last sentence of paragraph (2), the ADRs and the Deposit Agreement may be amended by the Company and the Depositary, <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font> that any amendment that imposes or increases any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders, shall become effective 30 days after notice of such amendment shall have been given to the Holders.&#160;&#160;Every Holder of an ADR at the time any amendment to this Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby.&#160;&#160;In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Telecopier (212) 319-7605</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December 18, 2014</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">evidenced by American Depositary Receipts</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for deposited class B ordinary shares of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Telecom Argentina S.A.</font></font></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: Times New Roman">Dear Sirs:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Referring to the Registration Statement on Form F-6 relating to the above-entitled American Depositary Shares ("ADSs") evidenced by American Depositary Receipts ("ADRs") evidencing ADSs representing five class B ordinary shares of Telecom Argentina S.A. (the "Company"), a corporation organized under the laws of Argentina.&#160;&#160;Capitalized terms used herein that are not herein defined shall have the meanings assigned to them in the Deposit Agreement (the &#8220;Deposit Agreement&#8221;) appearing, or incorporated by reference, in Exhibit (a) to the Registration Statement.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 64.8pt"></font>In rendering the opinions set forth herein, we have assumed that (i) the Deposit Agreement will have been duly authorized, executed and delivered by the Company and will constitute a valid and legally binding obligation of the Company enforceable against it in accordance with its terms, (ii) the relevant Deposited Securities will have been duly deposited with a Custodian under and in accordance with all applicable laws and regulations, (iii) that the choice of New York law contained in the Deposit Agreement is legal and valid under the laws of Argentina and (iv) that insofar as any obligation under the Deposit Agreement is to be performed in, or by a party organized under the laws of, any jurisdiction outside of the United States of America, its performance will not be illegal or ineffective in any jurisdiction by virtue of the law of that jurisdiction.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 64.8pt"></font>Based upon and subject to the foregoing, assuming that, at the time of their issuance, the Registration Statement will have been declared effective by the Securities and Exchange Commission, we are of the opinion that the ADSs covered by the Registration Statement, when issued in accordance with the terms of the Deposit Agreement and the Registration Statement,&#160;&#160;will be legally issued and will entitle the registered holders thereof to the rights specified in the Deposit Agreement and those ADRs.</font></div>

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