<SEC-DOCUMENT>0001193125-16-462089.txt : 20160212
<SEC-HEADER>0001193125-16-462089.hdr.sgml : 20160212
<ACCEPTANCE-DATETIME>20160212151711
ACCESSION NUMBER:		0001193125-16-462089
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20160212
FILED AS OF DATE:		20160212
DATE AS OF CHANGE:		20160212

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:		161418294

	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>d141473d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:4.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Issuer </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; 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:14pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">For the month of February 2016 </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Commission File Number: 001-13464 </P>
<P STYLE="margin-top:26pt; margin-bottom:0pt; font-size:16pt; 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">(Translation of registrant&#146;s name into English) </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Alicia Moreau de Justo, No. 50, 1107 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Buenos Aires, Argentina </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Address of principal executive offices) </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form&nbsp;40-F: </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:12pt" ALIGN="center">


<TR>
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<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="center">X</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="white-space:nowrap">Form&nbsp;40-F</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="center">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">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="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:12pt" ALIGN="center">


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<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Yes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="center">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">No </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="center">X </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">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="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:12pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Yes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="center">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">No</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="center">X </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">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="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:12pt" ALIGN="center">


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<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Yes</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="center">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">No</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman" ALIGN="center">X </P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): <U>&nbsp;N/A</U> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:4.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</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:14pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>Telecom Argentina S.A. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:30.00pt; font-size:12pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
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<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" NOWRAP ALIGN="center">1.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="#toc141473_1">Letter dated February 11, 2016 regarding consolidated preliminary results</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" NOWRAP ALIGN="center">2.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><A HREF="#toc141473_2">Press release titled &#147;Telecom Argentina S.A. announces consolidated preliminary results for the annual period (&#145;FY15&#146;) and fourth quarter of fiscal year 2015 (&#145;4Q15&#146;)*&#148; dated February
 10, 2016</A></TD></TR>
</TABLE>

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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><A NAME="toc141473_1"></A>FOR IMMEDIATE RELEASE</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g141473g0212074032436.jpg" ALT="LOGO">
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<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Buenos Aires, February 11, 2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECURITIES AND EXCHANGE COMMISSION </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Re.:&nbsp;</B><B><I><U>Non-audited Preliminary Financial Information as of 12/31/15.-</U></I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am writing to you as chairman of the Board of Directors of Telecom Argentina&nbsp;S.A. (&#147;Telecom Argentina&#148;), to inform the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At meetings held yesterday, the Board of Directors of Telecom Argentina and its subsidiary, Telecom Personal S.A., took into consideration certain
&#145;<B>Non-audited Preliminary Financial Information&#146;</B><B>&nbsp;</B>as of December&nbsp;31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP>, 2015 provided by Management. Today, the information is being presented to the regulators and
to the market, in compliance with Article 2, Chapter I, Title XII of the Argentine National Securities Commission (<I>Comisi&oacute;n Nacional del Mercado de Valores</I>&nbsp;or CNV) Rules (NT 2013), through the attached Press Release. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Oscar Cristianci</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Oscar Cristianci</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Chairman of the Board of Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282"><A NAME="toc141473_2"></A>FOR IMMEDIATE RELEASE </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#828282">Market Cap P$46.6 billion </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT
 COLOR="#828282">February 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2016 </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Contacts: </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Pedro Insussarry </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT
 COLOR="#828282">Solange Barthe Dennin </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">(54 11) 4968-3743/3752 </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:17pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4777d6"><B><U>Telecom Argentina S.A. </U></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:17pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4777d6"><B>announces consolidated preliminary results for the annual period (&#145;FY15&#146;) and fourth quarter of fiscal year 2015
(&#145;4Q15&#146;)* </B></FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><B></B><FONT STYLE="font-family:Times New Roman; font-size:8pt" COLOR="#828282"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT><FONT COLOR="#828282"><B></B></FONT><B></B></FONT>
</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282"><B>Consolidated Revenues amounted to P$40,496 million (+21.5% vs. FY14); Fixed Data +21.1% vs. FY14; Fixed Internet +40.0% vs. FY14;
and Mobile business in Argentina +20.9% vs. FY14. </B></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><B></B><FONT STYLE="font-family:Times New Roman; font-size:8pt" COLOR="#828282"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT><FONT COLOR="#828282"><B></B></FONT><B></B></FONT>
</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282"><B>Mobile subscribers in Argentina: 19.7 million in FY15. </B></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><B></B><FONT STYLE="font-family:Times New Roman; font-size:8pt" COLOR="#828282"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT><FONT COLOR="#828282"><B></B></FONT><B></B></FONT>
</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282"><B>Mobile Value Added Services in Argentina (Internet and Data): +21.9% vs. FY14; 60.2% of Service Revenues.
</B></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><B></B><FONT STYLE="font-family:Times New Roman; font-size:8pt" COLOR="#828282"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT><FONT COLOR="#828282"><B></B></FONT><B></B></FONT>
</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282"><B>Mobile ARPU in Argentina increased to P$91.5 per month in FY15 (+23.2% vs. FY14). </B></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><B></B><FONT STYLE="font-family:Times New Roman; font-size:8pt" COLOR="#828282"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT><FONT COLOR="#828282"><B></B></FONT><B></B></FONT>
</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282"><B>ADSL ARPU increased to P$207.4 per month in FY15 (+35.5% vs. FY14); monthly churn reached 1.4% in FY15.
</B></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><B></B><FONT STYLE="font-family:Times New Roman; font-size:8pt" COLOR="#828282"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT><FONT COLOR="#828282"><B></B></FONT><B></B></FONT>
</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282"><B>Consolidated Operating costs -including D&amp;A and Results on disposal of PP&amp;E and write-down of PP&amp;E- totaled P$34,311
million (+22.8% vs. FY14). </B></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><B></B><FONT STYLE="font-family:Times New Roman; font-size:8pt" COLOR="#828282"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT><FONT COLOR="#828282"><B></B></FONT><B></B></FONT>
</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282"><B>Net Income amounted to P$3,435 million (-7.9% vs. FY14). Net Income attributable to Telecom Argentina amounted to P$3,403 million
(-7.4% vs. FY14). </B></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><B></B><FONT STYLE="font-family:Times New Roman; font-size:8pt" COLOR="#828282"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT><FONT COLOR="#828282"><B></B></FONT><B></B></FONT>
</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282"><B>Capex increased to P$10,100 million in FY15 (+12.8% vs. FY14, considering the remaining payment of the spectrum during june 2015),
equivalent to 24.9% of Consolidated Revenues. </B></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><B></B><FONT STYLE="font-family:Times New Roman; font-size:8pt" COLOR="#828282"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#161;</FONT></FONT><FONT COLOR="#828282"><B></B></FONT><B></B></FONT>
</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282"><B>Net Cash Position (Debt): P$2,277 million, a decrease of P$3,022 million vs. FY14, after Telecom Argentina&acute;s cash dividend
distribution and the 4G spectrum payment during fiscal year 2015. </B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97.5%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#052159" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">As&nbsp;of&nbsp;December,&nbsp;31</FONT></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#052159" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ffffff"><B><I><FONT COLOR="#ffffff">(in million P$, except where noted)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">2015&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff"><FONT STYLE="font-family:Times New Roman" COLOR="#ffffff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#ffffff"><B></B></FONT><B>$</B></FONT>
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff"><FONT STYLE="font-family:Times New Roman" COLOR="#ffffff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#ffffff"><B></B></FONT><B>%</B></FONT>
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Consolidated Revenues</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">40,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">33,341</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7,155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Mobile Services</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">29,760</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">24,782</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4,978</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">20.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Fixed Services</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10,736</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8,559</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,177</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">25.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Operating Income before D&amp;A</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10,866</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8,702</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,164</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">24.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Operating Income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">6,229</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5,443</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">786</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">14.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Net Income attributable to Telecom Argentina</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,673</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(270)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-7.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Shareholders&#146; equity attributable to Telecom Argentina</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">17,194</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">14,418</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,776</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">19.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Net Financial Position - (Debt) / Cash</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,277)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">745</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;(3,022)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">CAPEX</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8,957</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,143&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">12.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Fixed lines in service (in thousand lines)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4,043</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4,093</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(50)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-1.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Mobile customers (in thousand)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">22,202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;22,066</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">136</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">0.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Personal (Argentina)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">19,656</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">19,585</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">0.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">N&uacute;cleo (Paraguay) -including Wimax customers-</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,546</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,481</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Broadband accesses (in thousand)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,814</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,771</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Average Billing per user (ARBU) Fixed Telephony / voice&nbsp;(in P$)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">67.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">57.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10.3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">17.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Average Revenue per user (ARPU) Mobile Services in Arg. (in P$)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">91.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">74.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">17.2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">23.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Average Revenue per user (ARPU) ADSL (in P$)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">207.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">153.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">54.4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;35.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></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" ALIGN="right">


<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:2%; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT STYLE="font-family:ARIAL" COLOR="#3366ff"><I>Buenos Aires, February 10, 2016</I>
</FONT><FONT STYLE="font-family:ARIAL" COLOR="#828282">- Telecom Argentina (&#145;Telecom&#146;) - (NYSE: TEO; BASE: TECO2), one of Argentina&#146;s leading telecommunications companies, announced today, that, according to its preliminary results,
Net Income amounted to P$3,435 million for the annual period ended December 31, 2015, or -7.9% when compared to the same period last year. Net income attributable to Telecom Argentina amounted to P$3,403 million (-7.4% vs. FY14). </FONT></P>
<P STYLE="font-size:22pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR BGCOLOR="#052159" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">FY15</FONT></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">FY14</FONT></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">&nbsp;<FONT STYLE="font-family:Times New Roman" COLOR="#ffffff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#ffffff"><B></B></FONT><B>&nbsp;
$</B></FONT></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">&nbsp;<FONT STYLE="font-family:Times New Roman" COLOR="#ffffff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#ffffff"><B></B></FONT><B>&nbsp;
%</B></FONT></B></FONT></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Consolidated&nbsp;Revenues (MMP$)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">40,496</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">33,341</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">7,155&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">21.5%&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Net&nbsp;Income attributable to&nbsp;Telecom&nbsp;(MMP$)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">3,403</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">3,673</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">(270)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">(7.4%)&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Earnings attributable to&nbsp;Telecom&nbsp;per&nbsp;Share (P$)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">3.5</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">3.8</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">(0.3)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Earnings attributable to&nbsp;Telecom&nbsp;per&nbsp;ADR&nbsp;(P$)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">17.6</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">18.9</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">(1.4)&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Operating&nbsp;Income before D&amp;A *</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">26.8%</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">26.1%</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Operating&nbsp;Income *</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">15.4%</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">16.3%</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Net&nbsp;Income*</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">8.5%</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#828282">11.2%</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">*As a percentage of&nbsp;Consolidated&nbsp;Revenues</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="9"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">&nbsp;Note: As of&nbsp;FY15&nbsp;and&nbsp;FY14,&nbsp;the average of&nbsp;ordinary&nbsp;shares
outstanding&nbsp;amounted&nbsp;to&nbsp;969,159,605.</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">During FY15, according to its preliminary results, Consolidated Revenues increased by 21.5%
to P$40,496 million (+P$7,155 million vs. FY14), mainly fueled by the Fixed Data, Broadband businesses and Mobile Services. Moreover, Operating Income reached P$6,229 million (+P$786 million or +14.4% vs. FY14). </FONT></P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:65%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL"><FONT COLOR="#3366ff">Consolidated Operating Revenues </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><FONT COLOR="#3366ff">Mobile Services </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">During FY15 clients amounted to 22.2 million as of the end of December, 2015 vs. 22.1 million as of FY14. </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Third parties Revenues amounted to P$29,760 million (+20.1% vs. FY14) thanks to innovative commercial offers that stimulates value
added services (&#145;VAS&#146;) consumption and are tailor made to the needs of clients. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#3366ff">Telecom Personal in Argentina </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">As of December 31, 2015, Personal reached 19.7 million subscribers in Argentina vs. 19.6 million in FY14, where postpaid clients
represented 33% of the subscriber base. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">In FY15, third parties Revenues reached P$28,054 million (+P$4,850 million or
+20.9% vs. FY14) while Service Revenues (excluding equipment sales) amounted to P$22,258 million (+21.7% vs. FY14), with 60.2% corresponding to VAS revenues (same as in FY14). VAS revenues amounted to P$13,410 million (+21.9% vs. FY14). Moreover,
equipment sales increased by +17.8% vs. FY14, reaching P$5,796 million, equivalent to 20.7% of total revenues. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">During
FY15, the Average Monthly Revenue per User (&#145;ARPU&#146;) reached P$91.5 (+23.2% vs. FY14) due to higher VAS consumption. Moreover, SMS traffic decreased due to clients&#146; preference for plans and packs with VAS content and browsing offer by
Personal. </FONT></P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:31%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></TD></TR></TABLE>


<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" ALIGN="right">


<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; width:65%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#3366ff">Commercial Initiatives </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">The most significant event of 4Q15 related to the commercial offer was the launch of new &#145;Data Centric&#146; plans, which
focus on data consumption. As of 2015, Personal continued deepening its 4G strategy, by expanding the deployment of the network and the LTE technology infrastructure reaching more than 335 cities of 18 provinces of Argentina and fulfilling one year
of release, more than 2 million clients have suitable devices. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">During the fourth quarter, Personal continued
developing its commercial strategy for the 4G smartphone segment, with the focus on the high value platform, with an aggressive commercial campaign for Mother&#146;s Day and Holidays where the change of devices was promoted, thereby increasing the
access of VAS of the customers. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">In line with this strategy and with the aim to expand the portfolio of 4G devices,
Personal presented an evolution of its mobile internet offer with the Huawei 4G WI FI modem, that allows Personal&#146;s clients to connect anywhere and to share mobile internet access via Wi Fi with up to 10 devices simultaneously, with a data plan
of up to 10 GB. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">For prepaid customers, the benefit of Triple Credit was available on promotional days for all
recharges starting from $5. The bonus credit can be used for calls and SMS to any operator and to any destination in the country. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT
 COLOR="#828282">Additionally, as part of its international roaming agreements strategy, Personal presented its offer for 2016 summer season. With focus on data usage, the offer includes data per day for all its customers and a Total Connection
package for postpaid customers. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Moreover, as part of its entertainment strategy leveraged in Personal Play&acute;s
comprehensive platform, for the third consecutive year the most important game developer conference in Argentina was presented, where amateurs and professionals enjoyed a unique space for sharing experiences, project dissemination and for keeping
abreast of industry&#146;s new trends. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#3366ff">Telecom Personal in Paraguay (&#145;N&uacute;cleo&#146;) </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">As of December 31, 2015, Nucleo&#146;s subscriber base reached 2.5 million clients (+2.6% vs. FY14). Prepaid and postpaid
customers represented 80% and 20%, respectively. </FONT></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Nucleo generated revenues from third parties equivalent to P$1,706
million during FY15 (+8.1% vs. FY14). VAS revenues amounted to P$880 million (+11.8% vs. FY14) representing 56.9% of FY15 service revenues (vs. 52.9% in FY14).
</FONT></P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:31%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g141473item2_pg03new.jpg" ALT="LOGO">
 </P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>
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<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></TD></TR></TABLE>


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


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<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:ARIAL"><FONT COLOR="#3366ff">Fixed Services (Voice, Data &amp; Internet) </FONT></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">During FY15, revenues generated by fixed services amounted to P$10,736 million, +25.4% vs. FY14; with Data
revenues (+21.1% vs. FY14) and Internet (+40.0% vs. FY14) growing the most in the segment.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#3366ff">Voice</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Total service revenues reached P$4,339 million in FY15 (+14.7% vs. FY14). A portion of this line of business (mainly monthly charge
and measured services), continued to be affected by frozen tariffs of regulated services enforced by the Argentine Government in 2002.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Revenues generated by measured services totaled P$1,800 million, an increase of P$259 million or +16.8% vs. FY14 mainly due to a
higher penetration of flat rate packs of local and national long distance calls.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Monthly charges and supplementary services reached P$1,406 million, an increase of P$203 million or +16.9% vs. FY14 due to higher
revenues in non-regulated supplementary services. The customer base remained stable at 4 million lines in service.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">As a result of these increases, the average monthly revenue billed to user (ARBU) reached P$67.7 in FY15, +17.9% vs.
FY14.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Fixed and mobile
interconnection revenues amounted to P$689 million (+11.0% vs. FY14). Meanwhile, other revenues totaled P$444 million (+6.5% vs. FY14).</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#3366ff">Data and Internet</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Data revenues (services mainly offered to Corporate segment and Government) amounted to P$1,780 million (+P$310 million or +21.1%
vs. FY14), strengthening the position of Telecom as an integrated ICT provider. This increase was mainly due to FX rate variations that affected those contracts that are adjusted by the $/U$S exchange rate and by the increase of the client base with
the <I>Innovative </I>services.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Revenues related to Internet totaled P$4,556 million (+P$1.302 million or +40.0% vs. FY14), mainly due to a commercial offer with
higher speeds, (ultra broadband or UBB), where 10Mb was the most demanded service and currently represents 27% of the total customer base. This was possible thanks to significant investments executed recently in the access network using FTTx
technology that allows to take fiber optics to the closest connection point to the customer.</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">As of December 31, 2015, Telecom reached 1.8 million ADSL accesses (+2.4% vs. FY14). These connections represented 44.9% of
Telecom&#146;s fixed lines in service. In addition, ADSL ARPU reached P$207.4 in FY15, +35.5% when compared to FY14 and the monthly <I>churn</I> rate remained stable 1.4% in FY15 vs. 1.3% in FY14.</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g141473item2_pg04a.jpg" ALT="LOGO">
</P> <P STYLE="font-size:96pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:1pt" ALIGN="center">


<IMG SRC="g141473item2_pg04b.jpg" ALT="LOGO">
</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>
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<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">4</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></TD></TR></TABLE>


<p Style='page-break-before:always'>
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<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL"><FONT COLOR="#3366ff">Consolidated Operating Costs</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Consolidated Operating Costs totaled P$34,311 million in FY15, an increase of P$6,366 million, or +22.8% vs. FY14 (including
&#145;Results on disposal of PP&amp;E and write-down of PP&amp;E&#146; that resulted in a loss of P$199 million in FY15 and a loss of P$16 million in FY14). This increase is mainly a consequence of higher labor costs and higher costs of more
sophisticated handsets.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">The cost
breakdown is as follows:</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">- Employee
benefit expenses and severance payments totaled P$7,253 million (+29.7% vs. FY14), mainly affected by increases in salaries to unionized employees due to the new collective bargaining agreement signed at the beginning of 3Q15 as well as increases in
salaries to the non-unionized workforce, together with the social security contributions associated to such concepts. Total employees at the end of the period amounted to 16,224.</FONT></P>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">- Interconnection costs and other
telecommunication charges (including TLRD, Roaming, Interconnection, international settlement charges and lease of circuits) amounted to P$2,170 million, +4.6% vs. FY14. This increase resulted from higher costs related to the lease of circuits and
interconnection costs of fixed telephony associated to FX fluctuation, partially compensated by lower charges for roaming.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">- Fees for services, maintenance and materials and supplies amounted to P$3,919 million (+17.6% vs. FY14), mainly due to
costs&#146; increases in technical maintenance and systems&#146; licenses partially associated to the effect of the devaluation of the Peso/ U$S FX rate, as well as higher fees for services as higher costs were recognized to suppliers in both the
fixed and mobile businesses.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">- Taxes
and fees with regulatory authorities reached P$3,943 million (+19.6% vs. FY14), impacted mainly by higher revenues, higher bank debit and credit taxes related to collection flows and vendor payments, and to the disbursement related to the issuance
of Notes in December 2015, as well as higher municipal taxes.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">- Commissions (Commissions paid to agents, prepaid card commissions and others) totaled P$3,193 million (+28.0% vs. FY14), mainly
due to the increase in commissions paid to commercial channels as well as collection fees, both associated to the increase in more sophisticated equipment sales. Agent commissions capitalized as SAC amounted to P$1.172 million (+28.4% vs.
FY14).</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">- Cost of handsets sold
totaled P$4,595 million (+10.9% vs. FY14), due to handsets sales with higher costs unit prices, impacted by a higher FX rate. This was partially compensated by a lower number of handsets sold. Deferred costs from SAC amounted to P$93 million (-9.7%
vs. FY14). The lower deferred costs were derived from the reduction in handset subsidies granted to clients.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">- Advertising amounted to P$814 million (+2.8% vs. FY14), mainly due to slightly higher commercial expenses when compare to FY14,
related to marketing campaigns.</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:1pt" ALIGN="center">


<IMG SRC="g141473item2_pg05.jpg" ALT="LOGO">
</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">5</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></TD></TR></TABLE>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">- Depreciation and Amortization reached P$4,438 million (+36.8% vs. FY14). PP&amp;E depreciation amounted to
P$3,046 million (+27.5% vs. FY14) resulting from the incorporation of assets related to the investment plan that the group has been executing; Amortization of SAC and service connection costs totaled P$1,045 million (+28.9% vs. FY14); and other
intangible assets reached P$347 million (+707.0% vs. FY14) due to the acquisition of 3G and 4G licenses.</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">- Other Costs totaled P$3,787 million (+27.9% vs. FY14). This increase was mainly due to VAS costs that totaled P$1,256 million
(+34.2% vs. FY14), related to the increase of sales of those services, especially in the mobile business. Bad debt expenses reached P$564 million (+33.0% vs. FY14) representing 1.6% of consolidated costs and 1.4% of consolidated revenues.</FONT></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL"><FONT COLOR="#3366ff">Consolidated Financial Results</FONT></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Net Financial results amounted to a loss of P$1,102 million,
a decrease of P$1,355 million or -535.6% vs. FY14. This was mainly due to losses in net financial interest of P$526 million in FY15 (-P$791 million vs. FY14) and losses of FX results net of NDF instruments for P$1,140 million in FY15 (vs. a loss of
P$275 million in FY14) mainly due to the devaluation of the peso occurred during December 2015. Meanwhile, gains on mutual funds and other investments amounted to P$601 million (+P$312 million vs. FY14).</FONT></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL"><FONT COLOR="#3366ff">Consolidated Net Financial Position</FONT></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">As of December 31, 2015, Net Financial Position (Cash, Cash
Equivalents and financial Investments minus Loans) totaled P$2,277 million in debt, a decrease of P$3,022 million when compared to the Net Financial Position as of December 31, 2014, after the remaining payment of the 4G frequencies for an amount of
P$2,256 million and the cash dividend payment of $804 million.</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL"><FONT
 COLOR="#3366ff">Capital Expenditures</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">During FY15,
the Company invested P$10,100 million (+12.8% vs. FY14). Of this amount, P$3,079 million were allocated to Fixed Services and P$7,021 million to Mobile services, where P$2,256 million corresponded to the acquisition of the 4G frequencies. In
relative terms, Capex reached 24.9% of consolidated revenues vs. 26.9% in FY14.</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">The main capital expenditures in the fixed business were associated to the expansion of broadband services, in order to offer
higher download speeds, and thus to improve the navigation experience in Internet.</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">In the mobile business, the acquired 3G and 4G frequencies together with the executed investments allowed to improve coverage and
capacity of the access network, in order to sustain the increase in demand for Data and Internet, along with new VAS thus offering a better quality of service.</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Transmission and transport networks were also expanded to meet the growing demand for services of fixed and mobile
customers.</FONT></P></TD>
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<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">6</FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL"><FONT COLOR="#3366ff">Relevant Matters</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282"><U>Issuance of Notes by Telecom Personal SA </U></FONT></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">On December 10, 2015, Telecom Personal has
successfully completed the issuance of two series of Notes for a total nominal value of P$ 720.5 million. The issuance was as follows:</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">&#149;Series I: with a maturity of 18 months from the date of issuance and settlement for a nominal value of P$ 571.5 million, at a
combine rate (fixed rate of 28.5% up to the 6th month and variable rate from the 7th month, BADLAR rate + 375bps).</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">&#149;Series II: with a maturity of 36 months from the date of issue and settlement, with a nominal value of P$ 149 million, at a
combine rate (fixed rate of 28.75% up to the 9th month and variable rate from the 10th month, BADLAR rate + 400bps).</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">The funds will be used to refinance short term debt and to finance the investment plan of the Company for the next three years,
which is aimed at expanding the 4G LTE network, increased network transmission capacity and improved 3G and 2G services.</FONT></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Telecom Personal was rated AA + (local rating) by Fix (Fitch Ratings), highlighting the credit quality and financial strength of
the Company.</FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282"><U>ENACOM creation and
amendments to the Law of Communication and Audiovisual Services and Argentina Digital Law</U></FONT></P> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">On January 4, 2016, Decree 267/15 (dated December 29th, 2015) was published, amending both Law 26,522 (Communication and
Audiovisual Services or Media) and Law 27,078 (Argentina Digital Law). The decree establishes the creation of a new regulatory entity called ENACOM (National Authority for Communications), which has been ascribed with all the powers and functions of
the mentioned laws, and depending hierarchically of the Ministry of Communications.</FONT></P> <P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>*********</B></FONT></P></TD>
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<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">7</FONT></TD>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Telecom is the parent company of a leading telecommunications group in Argentina,
where it offers, either itself or through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission and Internet services, among other services. Additionally, through a controlled subsidiary, the Telecom
Group offers cellular services in Paraguay. The Company commenced operations on November 8, 1990, upon the Argentine government&#146;s transfer of the telecommunications system in the northern region of Argentina. </FONT></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Nortel Inversora S.A. (&#147;Nortel&#148;), which acquired the majority of the Company from the Argentine
government, holds 54.74% of Telecom&#146;s issued common stock. Nortel is a holding company whose common stock (approximately 78% of capital stock) is owned by Sofora Telecomunicaciones S.A. Additionally, Nortel capital stock is comprised of
preferred shares that are held by minority shareholders.</FONT></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT
 COLOR="#828282">As of December 31, 2015, Telecom continued to have 984,380,978 shares issued and 969,159,605 shares outstanding.</FONT></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">For more information, please contact Investor Relations:</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Pedro Insussarry</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">(5411) 4968 3743</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Solange&nbsp;Barthe&nbsp;Dennin</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">(5411) 4968 3752</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Luis F. Rial Ubago</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">(5411) 4968 3718</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Ruth Fuhrmann</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">(5411) 4968 4448</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Antonella Papaleo</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">(5411) 4968 6236</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Voice Mail: (5411) 4968 3628 </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Fax: (5411) 4968 3616 </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT
 COLOR="#828282">E-mail: <U><FONT STYLE="font-family:ARIAL" COLOR="#3366ff">relinver@ta.telecom.com.ar</FONT></U><FONT STYLE="font-family:ARIAL" COLOR="#828282"> </FONT></FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">For information about Telecom Group services, visit: </FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#3366ff"><U>www.telecom.com.ar </U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#3366ff"><U>www.personal.com.ar </U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#3366ff"><U>www.personal.com.py </U></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#3366ff"><U>www.arnet.com.ar </U></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT
 COLOR="#828282"><U>Disclaimer </U></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">This document may contain statements that could constitute forward-looking
statements, including, but not limited to, the Company&#146;s expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; the effects of its debt restructuring
process; the impact of emergency laws enacted by the Argentine Government; and the impact of rate changes and competition on the Company&#146;s future financial performance. Forward-looking statements may be identified by words such as
&#147;believes,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;projects,&#148; &#147;intends,&#148; &#147;should,&#148; &#147;seeks,&#148; &#147;estimates,&#148; &#147;future&#148; or other similar expressions. Forward-looking statements
involve risks and uncertainties that could significantly affect the Company&#146;s expected results. The risks and uncertainties include, but are not limited to, the impact of emergency laws enacted by the Argentine government that have resulted in
the repeal of Argentina&#146;s Convertibility law, devaluation of the peso, various changes in restrictions on the ability to exchange pesos into foreign currencies, and currency transfer policy generally, the &#147;pesification&#148; of tariffs
charged for public services, the elimination of indexes to adjust rates charged for public services and the Executive branch announcement to renegotiate the terms of the concessions granted to public service providers, including Telecom. Due to
extensive changes in laws and economic and business conditions in Argentina, it is difficult to predict the impact of these changes on the Company&#146;s financial condition. Other factors may include, but are not limited to, the evolution of the
economy in Argentina, growing inflationary pressure and evolution in consumer spending and the outcome of certain legal proceedings. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of
this document. The Company undertakes no obligation to release publicly the results of any revisions to forward-looking statements which may be made to reflect events and circumstances after the date of this press release, including, without
limitation, changes in the Company&#146;s business or to reflect the occurrence of unanticipated events. Readers are encouraged to consult the Company&#146;s Annual Report on Form 20-F, as well as periodic filings made on Form 6-K, which are filed
with or furnished to the United States Securities and Exchange Commission for further information concerning risks and uncertainties faced by Telecom. </FONT></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">(Financial tables follow) </FONT></P>
<P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>******* </B></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">8</FONT></TD>
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<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>


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


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<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>TELECOM&nbsp;ARGENTINA&nbsp;S.A. </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>Consolidated&nbsp;information </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>Annual&nbsp;Period&nbsp;and&nbsp;Fourth&nbsp;Quarter&nbsp;-&nbsp;Fiscal&nbsp;Year&nbsp;2015 </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>(In&nbsp;million&nbsp;of&nbsp;Argentine&nbsp;pesos) </B></FONT></P>
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<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-2.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#3366ff"><B>1-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3366ff"><U><B>Consolidated Balance&nbsp;Sheet</B></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/15</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/14</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;$</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;%&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Cash&nbsp;and&nbsp;cash&nbsp;equivalents</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">870</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">825</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5.5%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Trade&nbsp;receivables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4,124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,539</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">37.3%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Other&nbsp;Receivables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,336</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">666</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">99.4%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Inventories</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">721</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,472</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">204.2%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>Total&nbsp;current&nbsp;assets</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>11,492</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>6,393</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,763</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>58.9%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Financial Investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10.7%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Trade&nbsp;receivables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">481</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">143</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">338</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Property,&nbsp;plant&nbsp;and&nbsp;equipment</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">17,963</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">13,809</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4,154</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">30.1%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Intangible assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7,659</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5,331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,328</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">43.7%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Other&nbsp;Receivables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">538</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">341</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">57.8%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>Total&nbsp;non-current&nbsp;assets</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>26,973</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>19,924</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>7,049</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>35.4%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>Total&nbsp;Assets</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>38,465</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>26,317</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>10,812</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>41.1%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Trade&nbsp;payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">9,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">6,072</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,801</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">62.6%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Deferred&nbsp;revenues</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">507</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(30)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-5.9%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Financial debt</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,451</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,272</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Salaries and&nbsp;social security&nbsp;payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,261</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,022</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">239</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">23.4%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Income&nbsp;tax&nbsp;payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">439</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">192</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">77.7%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Other&nbsp;taxes payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,153</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">824</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">39.9%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Other&nbsp;liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">12.8%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Provisions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">207</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">199</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4.0%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>Total&nbsp;current&nbsp;liabilities</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>16,914</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>9,097</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>7,817</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>85.9%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Trade&nbsp;payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Deferred&nbsp;revenues</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">465</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(8)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-1.7%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Financial debt</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,449</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">254</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,195</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Salaries and&nbsp;social security&nbsp;payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4.7%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Deferred&nbsp;income&nbsp;tax&nbsp;liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">550</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">417</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">31.9%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Income&nbsp;tax&nbsp;payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">11.1%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Other&nbsp;liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">32.9%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Provisions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,080</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7.9%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>Total&nbsp;non-current&nbsp;liabilities</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,941</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,451</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>60.8%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>TOTAL&nbsp;LIABILITIES</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>20,855</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>11,548</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>9,307</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>80.6%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Equity&nbsp;attributable to&nbsp;Telecom&nbsp;Argentina (Controlling&nbsp;Company)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>17,194</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>14,418</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,776</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>19.3%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Non-controlling&nbsp;interest</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">416</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">18.5%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>TOTAL&nbsp;EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>17,610</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>14,769</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,505</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>10.2%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>TOTAL&nbsp;LIABILITIES&nbsp;AND&nbsp;EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>38,465</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>26,317</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;10,812</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>41.1%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#3366ff"><B>2-&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#3366ff"><B><U>Consolidated Loans</U></B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/15</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/14</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;$&nbsp;&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B> %&nbsp;</B></FONT></TD>

<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Bank&nbsp;overdraft&nbsp;- principal Personal</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,062&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">140&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,922&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Bank&nbsp;overdraft&nbsp;- principal Nucleo</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">84&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">84&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Bank&nbsp;overdraft&nbsp;- accrued&nbsp;interest&nbsp;Personal</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">65&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">64&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Bank&nbsp;loans - accrued&nbsp;interest&nbsp;Personal</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Banks loans - principal Nucleo</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">193&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">32&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">161&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Banks loans - accrued&nbsp;interest&nbsp;Nucleo</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">6&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">33.3%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Notes - accrued&nbsp;interest&nbsp;Personal</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">29&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">29&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>Total&nbsp;Current&nbsp;Loans</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,451&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>179&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,272&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B></B><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B></B>-<B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B></B><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Notes - principal Personal</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">713&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">713&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Banks loans - principal Personal</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">509&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">509&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Banks loans - principal Nucleo</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">227&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">254&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(27)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-10.6%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>Total&nbsp;Non&nbsp;Current&nbsp;Loans</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,449&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>254&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,195&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>Total&nbsp;Loans</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>4,900&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>433&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>4,467&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Cash&nbsp;and&nbsp;cash&nbsp;equivalents,&nbsp;and&nbsp;Financial Investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,632&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,178&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,454&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;123.4%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282"><B>Net&nbsp;Financial&nbsp;Position&nbsp;- Cash&nbsp;/&nbsp;(Debt)</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;(2,277)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>745&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,022)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">9</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></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" ALIGN="right">


<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>TELECOM ARGENTINA S.A. </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>Consolidated information </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>Annual Period and Fourth Quarter - Fiscal Year 2015 </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>(In million of Argentine pesos) </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#3366ff"><B>3-</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3366ff"><B><U>Consolidated Income Statements</U> </B></FONT></TD></TR></TABLE><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt">


<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/15&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/14&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;$&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;%</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Revenues</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>40,496&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>33,341&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>7,155&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>21.5%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Other&nbsp;income</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">44&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">47&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(3)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-6.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Total Revenues &amp; Other Income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>40,540&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>33,388&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>7,152&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>21.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Consolidated&nbsp;Operating&nbsp;Costs</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(34,311)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(27,945)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(6,366)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">22.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Operating&nbsp;income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>6,229&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>5,443&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>786&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>14.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Finance results,&nbsp;net</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,102)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">253&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,355)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Net income before income tax expense</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>5,127&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>5,696&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(569)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-10.0%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Income tax&nbsp;expense</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,692)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,967)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">275&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-14.0%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Net&nbsp;income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,435&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,729&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(294)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-7.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Attributable to:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Telecom&nbsp;Argentina (Controlling&nbsp;Company)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,403&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,673&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(270)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-7.4%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Non-controlling&nbsp;interest</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">32&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">56&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(24)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-42.9%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Operating&nbsp;income&nbsp;before&nbsp;D&amp;A</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>10,866&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>8,702&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,164&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">As %&nbsp;of&nbsp;Revenues</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">26.8%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">26.1%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Finance&nbsp;Income&nbsp;and&nbsp;Expenses</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/15&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/14&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;$&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;%&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><I>Finance&nbsp;Income</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Interest&nbsp;on&nbsp;time deposits</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">20&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">279&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(259)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-92.8%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Gains on&nbsp;other&nbsp;investments (notes and&nbsp;bonds)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">432&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">165&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">267&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">161.8%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Gains on&nbsp;Mutual Funds</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">169&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">124&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">45&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">36.3%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Interest&nbsp;on&nbsp;receivables</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">183&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">161&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">22&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">13.7%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Foreign&nbsp;currency&nbsp;exchange&nbsp;gains net&nbsp;of&nbsp;NDF&nbsp;instruments</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">293&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">589&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(296)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-50.3%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Total&nbsp;finance&nbsp;income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,107&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,320&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(213)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-16.1%&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><I>Finance&nbsp;expenses</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Interest&nbsp;on&nbsp;financial debt</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(566)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(30)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(536)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Interest&nbsp;on&nbsp;salaries and&nbsp;social security,&nbsp;other&nbsp;taxes ana accounts payable</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(26)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(27)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-3.7%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Interest&nbsp;on&nbsp;provisions</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(137)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(118)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(19)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">16.1%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Present&nbsp;value effect&nbsp;of&nbsp;salaries and&nbsp;social security&nbsp;and&nbsp;other&nbsp;taxes payables and&nbsp;other&nbsp;liabilities</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(9)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(5)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(4)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">80.0%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Foreign&nbsp;currency&nbsp;exchange&nbsp;losses net&nbsp;of&nbsp;NDF&nbsp;instruments</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,433)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(864)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(569)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">65.9%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Quinquennial financial costs</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(28)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(23)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(5)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(10)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(10)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Total&nbsp;finance&nbsp;expenses</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(2,209)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(1,067)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(1,142)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>107.0%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(1,102)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>253&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(1,355)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR></TABLE></DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#3366ff"><B>4-</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3366ff"><B><U>Consolidated&nbsp;Income&nbsp;Statements</U> </B></FONT></TD></TR></TABLE><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#3366ff"><B>Three&nbsp;Months&nbsp;Comparison</B></FONT></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/15&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/14&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;$&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;%&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Revenues</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>11,906&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>9,158&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,748&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.0%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Other&nbsp;income</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">29&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">22&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Total&nbsp;Revenues&nbsp;&amp;&nbsp;Other&nbsp;Income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,935&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>9,165&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,770&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>30.2%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Consolidated&nbsp;Operating&nbsp;Costs</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(10,165)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(7,565)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,600)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">34.4%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Operating&nbsp;income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,770&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,600&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>170&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>10.6%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Finance results,&nbsp;net</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(910)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">23&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(933)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Net&nbsp;income&nbsp;before&nbsp;income&nbsp;tax&nbsp;expense</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>860&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,623&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(763)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-47.0%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Income tax&nbsp;expense</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(203)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(578)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">375&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-64.9%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Net&nbsp;income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>657&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,045&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(388)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-37.1%&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Attributable to:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Telecom&nbsp;Argentina (Controlling&nbsp;Company)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">646&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,029&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(383)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-37.2%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Non-controlling&nbsp;interest</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">11&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">16&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(5)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-31.3%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Operating&nbsp;income&nbsp;before&nbsp;D&amp;A</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,202&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,516&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>686&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>27.3%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">As %&nbsp;of&nbsp;Revenues</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">26.9%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">27.5%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">10</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>


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


 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>TELECOM ARGENTINA S.A. </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>Consolidated information </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>Annual Period and Fourth Quarter - Fiscal Year 2015 </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>(In million of Argentine pesos) </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#3366ff"><B>5-</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3366ff"><B><U>Breakdown&nbsp;of&nbsp;the&nbsp;Income&nbsp;Statements</U> </B></FONT></TD></TR></TABLE><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/15</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/14</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;$</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;%</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><U>REVENUES&nbsp;FROM&nbsp;SERVICES</U></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>34,480</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>28,278</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>6,202</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>21.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><I>Fixed&nbsp;Services</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>10,675</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>8,506</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>2,169</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>25.5%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>4,339</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,782</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>557</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>14.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Retail&nbsp;Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,304</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,853</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>451</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>15.8%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Monthly&nbsp;Charges</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,406</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">16.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Measured&nbsp;Services</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,541</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">259</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">16.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">109</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(11)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-10.1%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Wholesale</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,035</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>929</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>106</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>11.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Interconnection</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">621</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">11.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">346</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">308</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">12.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Data</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,780</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,470</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>310</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>21.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Internet</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>4,556</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,254</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,302</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>40.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><I>Mobiles&nbsp;Sevices</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>23,805</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>19,772</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>4,033</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>20.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B><I><U>Telecom&nbsp;Personal</U></I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>22,258</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>18,284</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,974</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>21.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>8,848</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>7,283</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,565</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>21.5%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Retail&nbsp;Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>6,964</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>5,330</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,634</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>30.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Monthly&nbsp;Charges</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4,009</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,074</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">935</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">30.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Measured&nbsp;Services</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,977</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,654</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">323</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">19.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Roaming</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">270</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">271</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-0.4%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">708</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">113.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Wholesale</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,884</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,953</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(69)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-3.5%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Interconnection&nbsp;(CPP&nbsp;and&nbsp;TLRD)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,548</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,611</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(63)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-3.9%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Roaming</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">285</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">301</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(16)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-5.3%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">24.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Data</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>7,156</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>7,666</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(510)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-6.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Internet</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>6,254</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,335</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,919</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>87.5%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B><I><U>N&uacute;cleo</U></I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,547</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,488</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>59</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>4.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>667</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>701</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(34)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-4.9%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Retail&nbsp;Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>561</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>575</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(14)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-2.4%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Monthly&nbsp;Charges</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">206</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">211</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(5)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-2.4%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Measured&nbsp;Services</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">257</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">312</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(55)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-17.6%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Roaming</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">107.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Wholesale</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>106</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>126</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(20)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-15.9%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Interconnection&nbsp;(CPP&nbsp;and&nbsp;TLRD)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">118</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(40)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-33.9%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Roaming</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">40.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Data</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>313</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>331</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(18)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-5.4%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Internet</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>567</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>456</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>111</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>24.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><U>REVENUES&nbsp;FROM&nbsp;EQUIPMENT&nbsp;SALES</U></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>6,016</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>5,063</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>953</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>18.8%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><I>Fixed&nbsp;Services</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>15.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><I>Mobiles&nbsp;Sevices</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>5,955</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>5,010</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>945</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>18.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Equipments (Personal)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5,796</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">876</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">17.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Equipments (N&uacute;cleo)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">76.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#3366ff"><B><U>REVENUES</U></B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#3366ff"><B>40,496</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#3366ff"><B>33,341</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#3366ff"><B>7,155</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#3366ff"><B>21.5%</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><U>OTHER&nbsp;INCOME</U></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>47</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>(3)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B><FONT STYLE="white-space:nowrap">-6.4%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Fixed</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">50.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Mobile</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(16)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-76.2%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><U>TOTAL&nbsp;REVENUES&nbsp;&amp;&nbsp;OTHER&nbsp;INCOME</U></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>40,540</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,388</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,152</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Note: Reclassifications have been made in the breakdown of 4Q14 mobile service revenues as
changes were implemented in the allocation criteria of revenues between voice, data, and Internet items of postpaid plans.</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">11</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></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" ALIGN="right">


<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>TELECOM ARGENTINA S.A. </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>Consolidated information </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>Annual Period and Fourth Quarter - Fiscal Year 2015 </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>(In million of Argentine pesos) </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#3366ff"><B>6-</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3366ff"><B><U>BREAKDOWN&nbsp;OF&nbsp;THE&nbsp;INCOME&nbsp;STATEMENTS</U> </B></FONT></TD></TR></TABLE><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>Three&nbsp;Months&nbsp;Comparison</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/15</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/14</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;$</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;%</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>REVENUES&nbsp;FROM&nbsp;SERVICES</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>9,512</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>7,710</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>1,802</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>23.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><I>Fixed&nbsp;Services</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>2,999</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>2,308</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>691</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>29.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,226</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>992</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>234</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>23.6%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Retail&nbsp;Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>925</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>744</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>181</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>24.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Monthly&nbsp;Charges</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">414</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">308</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">34.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Measured&nbsp;Services</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">485</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">18.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Wholesale</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>301</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>248</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>53</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>21.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Interconnection</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">168</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">22.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">20.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Data</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>407</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>83</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>20.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Internet</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,283</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>909</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>374</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>41.1%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>Mobiles&nbsp;Sevices</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>6,513</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>5,402</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>1,111</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>20.6%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B><I><U>Telecom&nbsp;Personal</U></I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>6,095</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>5,012</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,083</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>21.6%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,344</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,997</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>347</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>17.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Retail&nbsp;Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,855</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,500</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>355</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>23.7%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Monthly&nbsp;Charges</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,058</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">902</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">156</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">17.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Measured&nbsp;Services</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">534</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">434</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">23.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Roaming</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">108</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">87.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Wholesale</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>489</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>497</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(8)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-1.6%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Interconnection&nbsp;(CPP&nbsp;and&nbsp;TLRD)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">404</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">415</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(11)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-2.7%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Roaming</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(12)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-16.7%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">150.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Data</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,780</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,974</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(194)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-9.8%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Internet</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,971</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,041</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>930</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>89.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B><I><U>N&uacute;cleo</U></I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>418</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>7.2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>146</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>172</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(26)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-15.1%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Retail&nbsp;Voice</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>120</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>144</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(24)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-16.7%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Monthly&nbsp;Charges</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(18)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-36.0%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Measured&nbsp;Services</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(19)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-25.3%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Roaming</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Wholesale</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(2)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-7.1%</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Interconnection&nbsp;(CPP&nbsp;and&nbsp;TLRD)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(6)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-22.2%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Roaming</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">100.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Data</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>93</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>83</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>12.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Internet</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>179</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>135</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>32.6%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><U>REVENUES&nbsp;FROM&nbsp;EQUIPMENT&nbsp;SALES</U></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>2,394</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>1,448</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>946</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>65.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><I>Fixed&nbsp;Services</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>44.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><I>Mobiles&nbsp;Sevices</I></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>2,381</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>1,439</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>942</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>65.5%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Equipments (Personal)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,328</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,405</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">923</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">65.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Equipments (N&uacute;cleo)</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">55.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#3366ff"><B><U>REVENUES</U></B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#3366ff"><B>11,906</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#3366ff"><B>9,158</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#3366ff"><B>2,748</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#3366ff"><B>30.0%</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><U>OTHER&nbsp;INCOME</U></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>29</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>-</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Fixed</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Mobile</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(3)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-60.0%</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B><U>TOTAL&nbsp;REVENUES&nbsp;&amp;&nbsp;OTHER&nbsp;INCOME</U></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,935</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,165</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,770</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:10%; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282"><B></B><B></B>Note: Reclassifications have been made in the breakdown of 4Q14 mobile service
revenues as changes were implemented in the allocation criteria of revenues between voice, data, and Internet items of postpaid plans.</FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">*Unaudited data </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">12</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></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" ALIGN="right">


<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>TELECOM ARGENTINA S.A. </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>Consolidated information </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>Annual Period and Fourth Quarter - Fiscal Year 2015 </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>(In million of Argentine pesos) </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#3366ff"><B>7-</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3366ff"><B><U>Consolidated&nbsp;Income&nbsp;Statements</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt">


<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/15&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/14&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;$&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;%&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Revenues</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">40,496&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">33,341&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7,155&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21.5%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Other&nbsp;income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">44&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">47&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(3)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-6.4%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Total&nbsp;Revenues&nbsp;&amp;&nbsp;Other&nbsp;Income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>40,540&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>33,388&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>7,152&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Employee benefit&nbsp;expenses and&nbsp;severance payments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(7,253)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(5,591)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;(1,662)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">29.7%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Interconnection&nbsp;costs and&nbsp;other&nbsp;telecommunication&nbsp;charges</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,170)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,074)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(96)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">4.6%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Fees for&nbsp;services,&nbsp;maintenance,&nbsp;materials and&nbsp;supplies</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(3,919)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(3,333)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(586)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">17.6%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Taxes and&nbsp;fees with&nbsp;the Regulatory&nbsp;Authority</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(3,943)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(3,297)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(646)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">19.6%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Commissions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(3,193)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,494)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(699)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">28.0%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Cost&nbsp;of&nbsp;equipments and&nbsp;handsets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(4,595)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(4,143)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(452)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">10.9%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Advertising</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(814)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(792)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(22)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2.8%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Cost&nbsp;of&nbsp;Value Added&nbsp;Services</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,256)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(936)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(320)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">34.2%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Provisions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(113)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(84)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(29)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">34.5%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Bad&nbsp;debt&nbsp;expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(564)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(424)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(140)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">33.0%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Other&nbsp;operating&nbsp;expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,854)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,518)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(336)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">22.1%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Subtotal&nbsp;Operating&nbsp;costs</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(29,674)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(24,686)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(4,988)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>20.2%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Operating&nbsp;income&nbsp;before&nbsp;D&amp;A</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>10,866&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>8,702&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,164&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>24.9%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">D&amp;A</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(4,438)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(3,243)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,195)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">36.8%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Results on&nbsp;disposal of&nbsp;PP&amp;E&nbsp;and&nbsp;write-down&nbsp;of&nbsp;PP&amp;E</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(199)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(16)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(183)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Operating&nbsp;income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>6,229&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>5,443&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>786&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>14.4%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Finance Income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,107&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,320&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(213)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-16.1%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Finance Expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,209)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,067)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,142)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">107.0%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Net&nbsp;income&nbsp;before&nbsp;income&nbsp;tax&nbsp;expense</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>5,127&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>5,696&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(569)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B><FONT STYLE="white-space:nowrap">-10.0%&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Income tax&nbsp;expense</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,692)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,967)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">275&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-14.0%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Net&nbsp;Income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,435&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,729&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(294)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-7.9%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Attributable to:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Telecom&nbsp;Argentina (Controlling&nbsp;Company)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,403&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,673&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(270)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-7.4%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#828282">Non-controlling interest</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">32&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">56&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(24)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282"><B></B><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-42.9%</FONT><B></B><B></B>&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B></B><B></B>&nbsp;&nbsp;</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt" COLOR="#828282">*Unaudited data</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">13</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></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" ALIGN="right">


<IMG SRC="g141473telecom_logo.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>TELECOM ARGENTINA S.A. </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>Consolidated information </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B><I>Annual Period and Fourth Quarter - Fiscal Year 2015 </I></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#3366ff"><B>(In million of Argentine pesos) </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#3366ff"><B>8-</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT COLOR="#3366ff"><B><U>CONSOLIDATED&nbsp;INCOME&nbsp;STATEMENTS</U> </B></FONT></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#3366ff"><B>Three&nbsp;Months&nbsp;Comparison</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/15&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right"><FONT COLOR="#3366ff"><B>12/31/14&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;$&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right"><FONT COLOR="#3366ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#3366ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#3366ff"><B></B></FONT><B>&nbsp;%&nbsp;
</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Revenues</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">11,906&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">9,158&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,748&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">30.0%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Other&nbsp;income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">29&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">22&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Total&nbsp;Revenues&nbsp;&amp;&nbsp;Other&nbsp;Income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>11,935&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>9,165&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,770&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>30.2%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Employee benefit&nbsp;expenses and&nbsp;severance payments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,961)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,589)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(372)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">23.4%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Interconnection&nbsp;costs and&nbsp;other&nbsp;telecommunication&nbsp;charges</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(611)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(538)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(73)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">13.6%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Fees for&nbsp;services,&nbsp;maintenance,&nbsp;materials and&nbsp;supplies</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,059)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(851)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(208)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">24.4%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Taxes and&nbsp;fees with&nbsp;the Regulatory&nbsp;Authority</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,102)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(898)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(204)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">22.7%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Commissions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(998)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(707)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(291)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">41.2%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Cost&nbsp;of&nbsp;equipments and&nbsp;handsets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,804)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,024)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(780)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">76.2%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Advertising</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(223)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(280)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">57&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-20.4%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Cost&nbsp;of&nbsp;Value Added&nbsp;Services</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(346)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(257)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(89)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">34.6%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Provisions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">61&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">18&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">43&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Bad&nbsp;debt&nbsp;expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(154)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(97)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(57)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">58.8%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Other&nbsp;operating&nbsp;expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(536)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(426)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(110)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">25.8%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Subtotal&nbsp;Operating&nbsp;costs</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(8,733)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(6,649)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,084)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>31.3%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Operating&nbsp;income&nbsp;before&nbsp;D&amp;A</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>3,202&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>2,516&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>686&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>27.3%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">D&amp;A</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,284)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(889)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(395)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">44.4%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Results on&nbsp;disposal of&nbsp;PP&amp;E&nbsp;and&nbsp;write-down&nbsp;of&nbsp;PP&amp;E</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(148)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(27)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(121)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Operating&nbsp;income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,770&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,600&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>170&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>10.6%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Finance Income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">534&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">11&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">523&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Finance Expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,444)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">12&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(1,456)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Net&nbsp;income&nbsp;before&nbsp;income&nbsp;tax&nbsp;expense</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>860&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,623&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(763)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>-47.0%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7.5pt; font-family:ARIAL"><FONT COLOR="#828282">Income tax&nbsp;expense</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(203)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(578)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">375&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-64.9%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282"><B>Net&nbsp;Income</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>657&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>1,045&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>(388)&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-37.1%&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #828282">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7.5pt">
<TD VALIGN="bottom"><FONT COLOR="#828282">Attributable to:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Telecom&nbsp;Argentina (Controlling&nbsp;Company)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">646&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,029&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(383)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">-37.2%&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:7pt; font-family:ARIAL"><FONT COLOR="#828282">Non-controlling&nbsp;interest</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">11&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">16&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(5)&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282"><FONT STYLE="white-space:nowrap">-31.3%&nbsp;</FONT></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:8pt" COLOR="#828282">*Unaudited data</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#828282">14</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><FONT COLOR="#828282"><B>www.telecom.com.ar</B></FONT></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:12pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; 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:36pt;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:12pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="29"></TD>
<TD HEIGHT="29" COLSPAN="2"></TD>
<TD HEIGHT="29" COLSPAN="2"></TD>
<TD HEIGHT="29" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date:&nbsp;&nbsp;&nbsp;&nbsp;February 12, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;/s/ Oscar Carlos Cristianci</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Oscar Carlos Cristianci</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Title:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Chairman of the Board of Directors</TD></TR>
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