<SEC-DOCUMENT>0000950103-16-011257.txt : 20160219
<SEC-HEADER>0000950103-16-011257.hdr.sgml : 20160219
<ACCEPTANCE-DATETIME>20160219171412
ACCESSION NUMBER:		0000950103-16-011257
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160219
FILED AS OF DATE:		20160219
DATE AS OF CHANGE:		20160219

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:		161442768

	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>dp63605_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B>&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Issuer</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16</B>&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">For the month
of February 2016</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">Commission
File Number: 001-13464</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telecom Argentina S.A. </B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Alicia Moreau de Justo, No. 50, 1107</B>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Buenos Aires, Argentina</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Form
    20-F </U></FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><U>X</U></FONT></P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><U></U></FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Form
    40-F </U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid; width: 14%"></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Yes
    </U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid; width: 14%"></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><U></U></FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>No</U></FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><U>X</U></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Yes
    </U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid; width: 14%"></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><U></U></FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>No</U></FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><U>X</U></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">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:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>Yes
    </U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid; width: 14%"></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><U></U></FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>No</U></FONT></TD>
    <TD STYLE="width: 14%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><FONT STYLE="font-size: 10pt"><U>X</U></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If &ldquo;Yes&rdquo;
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): <U> N/A</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Telecom
Argentina S.A.</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">TABLE OF
CONTENTS</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>Item</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="#Item1"><FONT STYLE="font-size: 10pt">1.</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="#Item1"><FONT STYLE="font-size: 10pt"><B><I>Information
                                         about ENACOM&acute;s Resolution N&deg; 64/16.</I></B><BR CLEAR="ALL"></FONT></A></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><A NAME="Item1"></A>Item 1</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>FREE TRANSLATION</U></B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><U>FOR IMMEDIATE RELEASE</U></B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Buenos Aires, February
        18<SUP> th</SUP>, 2016</FONT></P></TD>
    <TD STYLE="text-align: right">&nbsp;<img src="image_001.jpg" alt="LOGO" style="height: 61px; width: 122px"></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Securities &amp; Exchange Commission</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dear Sirs,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B><I><U>RE.: Information about
ENACOM&rsquo;s Resolution N&deg; 64/16.</U></I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">I am writing
to you as Chairman of <B>Telecom Argentina S.A.</B> (&lsquo;Telecom Argentina&rsquo; or the &lsquo;Company&rsquo;) following our
letter dated October 25, 2014, through which Telecom Argentina informed that Telecom Italia S.p.A (&lsquo;Telecom Italia&rsquo;),the
indirect controlling shareholder of Telecom Argentina, had accepted an offer of Fintech Group (&lsquo;Fintech&rsquo;) to amend
and restate the original agreement signed on November 13, 2013, regarding the acquisition by Fintech of the total shareholding
in Telecom Argentina, that Telecom Italia and its controlled company Telecom Italia International, N.V. had at that time through
Sofora Telecomunicaciones SA (&lsquo;Sofora&rsquo;) and Nortel Inversora S.A.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On October
15, 2015, we informed that the Argentine Federal Authority for Information Technology and Communications (&ldquo;AFTIC&rdquo;)
had resolved to refuse the authorization for the transfer to Fintech of the controlling shareholding that Telecom Italia owns
in Sofora.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On
February 17th, 2016 Telecom Argentina was notified about Resolution N&deg; 64/16 issued by the National Authority for
Communications (&ldquo;ENACOM&rdquo;), which partially accepts the reconsideration appeal submitted, among other parties by
the Company, against the above mentioned AFTIC resolution.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The resolution
N&deg; 64/16 of ENACOM provides that this agency will continue to analyze the transfer transaction of the Sofora shares
that belong to Telecom Italia Group to Fintech Group, under the current legal framework, particularly Article 13 of Decree N&deg;
267/15.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">ENACOM Resolution
N&deg; 64/16 is available on http://www.cnv.gob.ar.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%">
<tr style="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Telecom Argentina S.A.</B></FONT></td></tr>
<tr>
    <td style="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
        Oscar C. Cristianci</FONT></P></td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Chairman</FONT><FONT STYLE="font-size: 11pt">
    </FONT></td></tr>
</table><BR STYLE="clear: both">

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">SIGNATURES</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td colspan="3"><FONT STYLE="font-size: 10pt"><B>Telecom Argentina S.A. </B></FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date:</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">February 19<SUP>th</SUP>, 2016</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Oscar C. Cristianci</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 18%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></td>
    <TD STYLE="width: 39%"><FONT STYLE="font-size: 10pt">Oscar C. Cristianci</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">Chairman </FONT></td></tr>
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