<SEC-DOCUMENT>0001193125-15-165469.txt : 20150501
<SEC-HEADER>0001193125-15-165469.hdr.sgml : 20150501
<ACCEPTANCE-DATETIME>20150501123433
ACCESSION NUMBER:		0001193125-15-165469
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150430
FILED AS OF DATE:		20150501
DATE AS OF CHANGE:		20150501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELECOM ARGENTINA SA
		CENTRAL INDEX KEY:			0000932470
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		15823056

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d917567d6k.htm
<DESCRIPTION>FORM 6-K
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<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of Foreign Issuer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule 13a-16 or 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of April 2015 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: 001-13464 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Telecom
Argentina S.A. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alicia Moreau de Justo, No.&nbsp;50, 1107 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Buenos Aires, Argentina </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form 20-F&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;
&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;
&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether by furnishing the information contained in this Form, the
Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;
&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): <U>N/A</U> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Telecom Argentina S.A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF <A NAME="toc"></A>CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B><I><A HREF="#tx917567_1">English translation of a letter submitted to the Comisi&oacute;n Nacional de Valores (CNV) dated April&nbsp;
29, 2015 regarding the appointment of the members of the Supervisory Committee, the Audit Committee and Independent Auditor</A></I></B> </TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B><I><A HREF="#tx917567_2">Summary of the Resolutions approved by the General Ordinary Shareholders&acute; Meeting held on April&nbsp;29, 2015</A></I></B> </TD></TR>
</TABLE>

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<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B><U><A NAME="tx917567_1"></A>FOR IMMEDIATE RELEASE</U></B></P></TD>
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<IMG SRC="g917567tx_pg003.jpg" ALT="LOGO">
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>FREE TRANSLATION </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Buenos Aires, April&nbsp;30, 2015 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SECURITIES AND EXCHANGE
COMMISSION </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Re.: <U>APPOINTMENT OF THE MEMBERS OF THE SUPERVISORY COMMITTEE, THE AUDIT COMMITTEE AND INDEPENDENT AUDITOR</U> </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Pursuant to article 4, Chapter II, Title II and article 11, Chapter I, Title XV of the CNV Rules (NT 2013) </U></I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">I am writing to you as
Attorney-in-fact of Telecom Argentina S.A. (&#147;Telecom Argentina&#148; or the &#147;Company&#148;) to inform you of the resolutions adopted at the Ordinary Shareholders&#146; Meeting held on April&nbsp;29, 2015 with respect to the composition of
the Supervisory Committee of Telecom Argentina S.A. that will hold office during Fiscal Year 2015: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>SUPERVISORY COMMITTEE:&nbsp;Regular
Members</U>:</B>&nbsp;Evelina Leon&iacute; Sarrailh, Gustavo Adri&aacute;n Enrique Gen&eacute;, Susana Margarita Chiaramoni, Gerardo Prieto, Ra&uacute;l Alberto Garr&eacute;.<B><U>&nbsp;Alternate Members:</U></B>&nbsp;Gonzalo Francisco Oliva
Beltr&aacute;n, Alberto Gustavo Gonzalez, Jacqueline Berz&oacute;n, Guillermo Feldberg, Silvia Alejandra Rodriguez. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>AUDIT
COMMITTEE:</U></B>&nbsp;Oscar Carlos Cristianci, Esteban Gabriel Macek (&#147;financial expert&#148; of the Audit Committee) and Federico Horacio Gosman. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Members of the Supervisory Committee and the Audit Committee will hold office through the date of the Shareholders&#146; Meeting which will consider the
documentation for fiscal year 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Members and alternate members of the Board of Directors of Telecom Argentina S.A. hold office through the date of the
Ordinary Shareholders&#146; Meeting which will consider the documentation for fiscal year 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>INDEPENDENT AUDITORS FOR FISCAL YEAR 2015</U></B>:
The accounting firm &#147;Price Waterhouse&nbsp;&amp; Co SRL&#148;.<B>&nbsp;<U>Certified Public Accountant:</U></B>&nbsp;Carlos Alberto Pace.<B>&nbsp;<U>Alternate Certified Public Accountant:</U></B>&nbsp;Marcelo Daniel Pfaff. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>MANAGEMENT WITH DIRECT REPORT TO THE BOARD OF DIRECTORS:</U></B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Chief Executive Officer:</U></B>&nbsp;Elisabetta Ripa </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Internal Audit Director:</U></B>&nbsp;Ricardo D. Luttini </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Andrea Cerdan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Attorney-in-fact </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U><A NAME="tx917567_2"></A>TELECOM ARGENTINA S.A. </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Summary of the Resolutions approved by the General Ordinary </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Shareholders Meeting held on April&nbsp;29, 2015 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following resolutions were adopted upon reviewing each of the points included in the Agenda: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Appointment of two shareholders to approve and sign the Minutes of the Meeting. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mrs.&nbsp;Maria
de los Angeles Blanco Salgado, the representative of Nortel Inversora S.A. and Mrs.&nbsp;Marisol Mavid Dandres, the representative of the <I>Administraci&oacute;n Nacional de Seguridad Social &#150; Fondo de Garant&iacute;a de Sustentabilidad &#150;
Law N&deg; 26,425</I> (or &#147;ANSeS&#148;), were appointed to approve and sign the Minutes. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Review the documents provided for in Section&nbsp;234, Subsection 1 of Law 19,550, the Rules of the Argentine National Securities Commission (Comisi&oacute;n Nacional de Valores (&#147;CNV&#148;)) and the Listing
Regulations of the Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires), and of the accounting documents in English required by the Rules of the U.S. Securities and Exchange Commission for the twenty-sixth fiscal year ended
December&nbsp;31, 2014 (&#145;Fiscal Year 2014&#146;). </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All of the documentation submitted for consideration by the shareholders was
approved without any amendments, as it was presented to the Board of Directors, the Audit Committee and the Supervisory Committee and approved by the Board of Directors in its meeting held on March&nbsp;2, 2015 and filed with the regulatory
entities. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3&ordm;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Analysis of the allocation of Retained Earnings as of December&nbsp;31, 2014 (P$ 3,672,540,366.-) as follows: </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><I>(i) The cash dividends distribution for a total amount of P$ 804,402,472.- (equivalent to P$ 0.83&nbsp;per each share of P$ 1.- nominal
value in circulation up to date), will be available as from May&nbsp;11, 2015; </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><I>(ii) The allocation of the rest of Retained
Earnings of P$ 2,868,137,894.-, for the creation of a &#145;Reserve for Future Cash Dividends&#146;; and </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><I>(iii) The
delegation of the authority to the Board of Directors to determine the allocation, depending on the performance of the business, in one or more instances, of an amount up to P$ 649,336,936.- of the &#145;Reserve for Future Cash Dividends&#146; and
its distribution to the shareholders as cash dividends, during Fiscal Year 2015. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Shareholders&#146; Meeting approved the following allocation
of Retained Earnings as of December&nbsp;31, 2014: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
<TD></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B></B>Pesos<B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retained Earnings as of December&nbsp;31, 2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,672,540,366</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">To Cash Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(804,402,472</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">To Reserve for Future Cash Dividends</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,868,137,894</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">To New Fiscal Year</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&#151;,&#151;</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Shareholders&#146; Meeting resolved: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">The cash dividends will be made available to shareholders <B>on May&nbsp;11, 2015</B> (equivalent to P$ 0.83&nbsp;per each share of P$ 1 nominal value in circulation up to date); and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">The delegation of the authority to the Board of Directors to determine the allocation, subject to the performance of the business, in one or more instances, of an amount up to P$ 649,336,936.- of the &#145;Reserve for
Future Cash Dividends&#146; and its distribution to the shareholders as cash dividends, during Fiscal Year 2015. </TD></TR></TABLE>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>4&deg;) Review of the performance of the members of the Board of Directors from April&nbsp;29, 2014 to the
date of this Shareholders&#146; Meeting. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Shareholders&#146; Meeting approved the performance of all the members of the Board of Directors
acting as of April&nbsp;29, 2014 to the date of this Shareholders&#146; Meeting. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Review of the performance of the members of the Supervisory Committee from April&nbsp;29, 2014 to the date of this Shareholders&#146; Meeting. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Shareholders&#146; Meeting approved the performance of all the members of the Supervisory Committee acting as of April&nbsp;29, 2014 to the date of this
Shareholders&acute; Meeting. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Review of the compensation of the Board of Directors for the services rendered during Fiscal Year 2014 (from the Shareholders&#146; Meeting of April&nbsp;29, 2014 to the date of this Meeting). Proposal to pay the
aggregate amount of P$ 16,100,000.-, which represents 0.44% of &#145;accountable earnings&#146;, calculated under Section&nbsp;3 of Chapter III, Title II of the Rules of CNV (N.T. 2013). </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The aggregate compensation of P$ 16,100,000 was approved for members of the Board of Directors acting from the Shareholders&#146; Meeting of April&nbsp;29,
2014 to the date of this Meeting, to be distributed in the manner provided for by the Company&#146;s Board of Directors, taking in consideration the advance payments of fees that the Directors have received. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>7&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Authorize the Board of Directors to make advance payments of fees for up to P$ 13,320,000.- to those Directors acting during Fiscal Year 2015 (from the date of this Shareholders&#146; Meeting through the date of
the Shareholders&#146; Meeting reviewing the documents of such fiscal year and contingent upon the decision adopted at such Meeting). </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors was authorized to make advance payments of fees to the members of the Board of Directors acting during Fiscal Year 2015 for up to an
aggregate amount of P$ 13,320,000, contingent upon the decision adopted at the Shareholders&#146; Meeting that considers the documentation for such fiscal year. The Board of Directors was authorized to increase such amount based on reasonable
standards in case of exceptional circumstances. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>8&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Review of the Supervisory Committee&#146;s compensation for the services rendered during Fiscal Year 2014 (as from the Shareholders&#146; Meeting of April&nbsp;29, 2014 through the date of this Meeting). Proposal
to pay the aggregate amount of P$&nbsp;3,600,000.- </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total compensation of P$ 3,600,000 was approved for the Supervisory Committee
members acting from the Shareholders&acute; Meeting held on April&nbsp;29, 2014 to the date of this Meeting, taking into consideration the advance payments of fees that the members of the Supervisory Committee have received. Such amount shall be
distributed equally between the regular members who, if applicable, shall proportionally distribute it in favor of their respective alternates who effectively served and in such manner as determined by the regular members. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>9&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Determination of the number of members and alternate members of the Supervisory Committee for Fiscal Year 2015. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was resolved that the Supervisory Committee acting during Fiscal Year 2015 will be composed of five (5)&nbsp;regular members and five (5)&nbsp;alternate
members. </P>

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


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>10&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Election of members of the Supervisory Committee. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following persons were elected as regular
members: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Evelina Leon&iacute; Sarrailh, Gustavo Adri&aacute;n Enrique Gen&eacute;, Susana Margarita Chiaramoni, Gerardo Prieto and Ra&uacute;l Alberto
Garr&eacute;. Mr Garr&eacute; was proposed by the shareholder ANSeS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms Evelina Leon&iacute; Sarrailh and Ms Susana M. Chiaramoni are lawyers, Messrs
Gustavo Adri&aacute;n Enrique Gen&eacute; and Gerardo Prieto are certified accountants and Mr Ra&uacute;l Alberto Garr&eacute; is a lawyer and a certified accountant; and all of them qualify as &#147;Independent&#148; according to the categories
described under Technical Resolutions of the <I>Federaci&oacute;n Argentina de Consejos Profesionales de Ciencias Econ&oacute;micas</I> ( Argentine Federation of Professional Councils in Economics Sciences) applicable for the determination of the
Supervisory Committee members&acute; independence, in accordance with Section&nbsp;12 of Chapter III, Title II of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I> (N.T. 2013). None of them falls under any of the circumstances listed in
Section&nbsp;4 of Chapter I, Title XII of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was also stated that none of the elected
members, the law firms that they are members of or other members of such law firms have been External Auditors of the Company nor will be nominated for such purpose. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>11&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Election of alternate members of the Supervisory Committee. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following persons were elected
as alternate members: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gonzalo Francisco Oliva Beltr&aacute;n (as alternate to Evelina L. Sarrailh), Alberto Gustavo Gonz&aacute;lez (as alternate to
Gustavo Adri&aacute;n Enrique Gen&eacute;), Jacqueline Berz&oacute;n (as alternate to Susana Margarita Chiaramoni), Guillermo Feldberg (as alternate to Gerardo Prieto) and Silvia Alejandra Rodriguez (as alternate to Ra&uacute;l Alberto
Garr&eacute;). Ms Silvia Alejandra Rodriguez was proposed by the shareholder ANSeS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr Gonzalo F. Oliva Beltr&aacute;n and Ms Jacqueline Berz&oacute;n
and Ms Silvia A. Rodriguez are lawyers and Messrs Alberto G. Gonzalez and Guillermo Feldberg are certified accountants and all of them qualify as &#147;Independent&#148; according to the categories described under Technical Resolutions of the
<I>Federaci&oacute;n Argentina de Consejos Profesionales de Ciencias Econ&oacute;micas</I> ( Argentine Federation of Professional Councils in Economics Sciences) applicable for the determination of the Supervisory Committee members&acute;
independence, in accordance with Section&nbsp;12 of Chapter III, Title II of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I> (N.T. 2013). None of them falls under any of the circumstances listed in Section&nbsp;4 of Chapter I, Title XII
of the Rules of the <I>Comisi&oacute;n Nacional de Valores</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It was also stated that none of the alternate members, the law firms that they are
members of or other members of such law firms have been External Auditors of the Company nor will be nominated for such purpose. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>12&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Authorize the Board of Directors to make advance payments of fees of up to P$ 3,000,000.-, to those Supervisory Committee members acting during Fiscal Year 2015 (from the date of this Shareholders&#146; Meeting
through the date of the Shareholders&#146; Meeting reviewing the documents of such fiscal year and contingent upon the decision adopted at such Meeting). </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors was authorized to make advance payments of fees to the members of the Supervisory Committee acting during Fiscal Year 2015 for up to an
aggregate of P$ 3,000,000, contingent upon the decision adopted at the Meeting reviewing the documents of such fiscal year. The Board of Directors was authorized to increase such amount based on reasonable standards in case of exceptional
circumstances. </P>

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


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>13&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Determination of the compensation for the independent auditors acting during Fiscal Year 2014. </I></B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The compensation of the independent auditors acting during the fiscal year ended on December&nbsp;31, 2014 was set in the aggregate amount of P$ 8,000,000,
excluding VAT, of which P$ 4,000,000 was assigned to the financial statements audit fees and P$ 4,000,000 to the audit tasks related to certification under Section&nbsp;404 of the Sarbanes-Oxley Act. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>14&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Appointment of independent auditors for the Fiscal Year 2015 financial statements. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Accounting Firm &#147;Price Waterhouse&nbsp;&amp; Co SRL&#148; was appointed Independent Auditor of the financial statements for Fiscal Year 2015. Mr.&nbsp;Carlos Alberto Pace was designated as the regular certifying accountant and Mr.&nbsp;Marcelo
Daniel Pfaff as his alternate. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>15&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Determination of the compensation for the independent auditors acting in Fiscal Year 2015. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It
was resolved that the compensation for the independent auditors for the financial statements of Fiscal Year 2015 should be determined at the Shareholders&#146; Meeting reviewing the financial statements for that fiscal year, and it was delegated to
the audit committee the authority to determine how their service would be rendered and to make advance fee payments. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>16&deg;)</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Review of the Audit Committee&#146;s budget for Fiscal Year 2015 (P$ 2,100,000.-). </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The budget
for the Audit Committee operations for the Fiscal Year ending December&nbsp;31, 2015 was set in the amount of P$&nbsp;2,100,000.- </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All resolutions where
adopted by the majority of computable votes after deducting the voluntary abstentions from the calculation base. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Shareholders&#146; Meeting was
attended by Maria In&eacute;s Pont Lezica on behalf of the <I>Comisi&oacute;n Nacional de Valores</I> and accountant Eduardo Kupfer on behalf of the Buenos Aires Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Oscar Carlos Cristianci </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Chairman </I></B></P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="5"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">April 30, 2015</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Oscar Carlos Cristianci</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Oscar Carlos Cristianci</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Chairman of the Board of Directors</TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
