<SEC-DOCUMENT>0001193125-16-476379.txt : 20160225
<SEC-HEADER>0001193125-16-476379.hdr.sgml : 20160225
<ACCEPTANCE-DATETIME>20160224205001
ACCESSION NUMBER:		0001193125-16-476379
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160224
FILED AS OF DATE:		20160225
DATE AS OF CHANGE:		20160224

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:		161453653

	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>d148700d6k.htm
<DESCRIPTION>FORM 6-K
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<TITLE>Form 6-K</TITLE>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:3.00pt 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:10pt; 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:12pt; 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:12pt; 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:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">For the month of February 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Commission File Number: 001-13464 </P>
<P STYLE="margin-top:18pt; 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:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Alicia Moreau de Justo, No.&nbsp;50, 1107 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size: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:18pt; 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 40-F: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right">Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Form 40-F&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>
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<TD VALIGN="top" ALIGN="right">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>
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<TD VALIGN="top" ALIGN="right">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>
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<TD VALIGN="top" ALIGN="right">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>N/A</U> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:3.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Telecom Argentina S.A. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><A NAME="toc"></A>TABLE OF CONTENTS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item
</U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><B><I><U><A HREF="#toc148700_1">Information about Mandatory Tender Offer of Fintech Telecom LLC</A></U></I></B> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B>Item 1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="middle"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><U>FREE TRANSLATION</U></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B><U>FOR
IMMEDIATE RELEASE</U></B></P></TD>
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<IMG SRC="g148700001.jpg" ALT="LOGO">
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</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:11pt; font-family:Times New Roman">Buenos Aires, February&nbsp;24<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2016
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Securities&nbsp;&amp; Exchange Commission </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Dear Sirs, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I><U>RE.: <A NAME="toc148700_1"></A>Information about Mandatory Tender Offer of Fintech Telecom LLC </U></I></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">I am writing to you as Chairman of <B>Telecom Argentina S.A.</B> (&#145;Telecom Argentina&#146; or the &#145;Company&#146;), in compliance to
Title III of the Argentine Capital Markets Law N&deg;26,831 and Title III, Chapter II of the rules of the Argentine Securities Commission or the <I>Comisi&oacute;n Nacional de Valores</I>, to inform you that today a letter issued by Fintech Telecom
LLC (&#147;Fintech&#148;) was received at the headquarters of the Company informing that today it has promoted and formulated a Mandatory Tender Offer in case of a change of control for all Class B common shares issued by Telecom Argentina which are
traded on the Buenos Aires Securities Market, or <I>Mercado de Valores de Buenos Aires S.A.</I> (the &#145;OPA&#146;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Moreover, Fintech
attached to its letter a copy of the Announcement of the OPA (the &#145;Announcement&#146;), that was published today in the &#145;<I>El Cronista Comercial&#146;</I> newspaper, and that will continue to be published in such paper until
February&nbsp;26<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2016. In addition, the publication of the Announcement in the Daily Bulletin was requested to the Buenos Aires Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">We note that circulation of the Announcement is restricted to the Republic of Argentina. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">We hereby attach copies of the letter sent by Fintech and of the Announcement of the OPA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Sincerely, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" ALIGN="center"><B>Telecom Argentina S.A.</B></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman" ALIGN="center">/s/ Oscar C. Cristianci</P></TD>
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<TD VALIGN="top"></TD>
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<TD VALIGN="top" ALIGN="center">Chairman</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><U>FREE TRANSLATION </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Buenos Aires, February&nbsp;24<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2016 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Chairman of the Board of Telecom Argentina S.A. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Alicia Moreau de
Justo 50, 13<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Buenos Aires </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Dear Sirs, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><I><U>RE.: Notification of the Mandatory Tender
Offer </U></I></B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">I am writing to you as Attorney- in-fact of Fintech Telecom LLC to inform you that Fintech Telecom LLC today has promoted and formulated
a mandatory tender offer in case of a change of control for all Class B common shares issued by Telecom Argentina. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We hereby attach a copy of the
Announcement of the Offer and its main terms and conditions that is being published today in the &#145;<I>El Cronista Comercial&#146;</I> newspaper, and that will continue to be published in such paper until February&nbsp;26<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>, 2016. In addition, the publication of the Announcement in today&#146;s Daily Bulletin was requested to the Buenos Aires Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Moreover, we inform you that the presentation to the Argentine Securities Commission or the <I>Comisi&oacute;n Nacional de Valores</I> requesting the
authorization for this mandatory tender offer will be made today. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">We kindly request to return a signed copy of this letter as evidence of notification.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Sebastian Sanchez Sarmiento </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Attorney-in-fact </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman"><B>ANNOUNCEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman"><I>Only to be used within the Republic of Argentina </I></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>FINTECH TELECOM LLC </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>MANDATORY TENDER OFFER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>in respect of </B></P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>CLASS B
COMMON SHARES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>traded on the Buenos Aires Securities Market </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B><I>&#147;Mercado de Valores de Buenos Aires S.A.&#148; </I></B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>issued by </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>TELECOM
ARGENTINA S.A. </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:8pt"> <P STYLE="margin-left:0.36em; font-size:14pt; font-family:Times New Roman" ALIGN="justify"><B>Application shall be made to the CNV to make a mandatory tender
offer in Argentina in accordance with all applicable rules and regulations, not later than 10 business days after the last date of publication of this announcement, and, therefore, no authorization has been given yet in respect thereof. Thus, any
information herein contained is subject to amendment and modification and cannot be deemed as final.</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the provisions of Sections 87 and subsequent sections of Argentine Law No 26,831 of Capital
Markets, and Section II, Chapter II, Title III, of the rules of the Argentine Securities Commission, or <I>Comisi&oacute;n Nacional de Valores</I> (the &#147;CNV Rules&#148;) in connection with mandatory tender offers in case of a change of control
and indirect acquisition of a &#147;significant participation&#148;, Fintech Telecom, LLC (&#147;Fintech Telecom&#148; or the &#147;Offeror&#148;) promotes and formulates a mandatory tender offer for all Class B common shares issued by Telecom
Argentina S.A. (&#147;Telecom Argentina&#148;) which are traded on the Buenos Aires Securities Market, or <I>Mercado de Valores de Buenos Aires S.A.</I> (the &#147;OPA&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:14pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;OPA Background and Purpose </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">Fintech Telecom is a limited liability company organized under the laws of the State of Delaware, United States, registered with the
Provincial Division of Legal Entities of the Province of Buenos Aires, or <I>Direcci&oacute;n Provincial de Personas Jur&iacute;dicas de la Provincia de Buenos Aires</I>, under the terms of Section&nbsp;123 of </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">
Argentina Law 19,550, on December&nbsp;30, 2013, in accordance with Resolution 10018. The domicile of the company is located at Orange St. 1209, Wilmington, New Castle, Delaware, United States of
America. The company&#146;s domicile in Argentina, for purposes of Section&nbsp;123 of Argentine Law 19,550, is at General Juan Lavalle 2243, Florida, Vicente L&oacute;pez, Province of Buenos Aires. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">On November&nbsp;13, 2013, Fintech Telecom, as purchaser, and Telecom Italia S.p.A. and Telecom Italia International N.V., as sellers, entered
into a stock purchase agreement, as amended on October&nbsp;24, 2014, under which the purchase of a controlling ownership interest in Sofora Telecomunicaciones S.A. (&#147;Sofora&#148;) consisting of 51% of its common capital stock is pending. As of
the date hereof, no authorization, express or implied, has been given by the Argentine Telecommunications Regulatory Authority (&#147;Enacom&#148;), or by the Argentine Antitrust Authorities to carry out such transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">Sofora is a <I>sociedad an&oacute;nima</I>, a limited liability corporation,organized under the laws of Argentina<I>, </I>holder of an
ownership interest equal to 100% of the common shares and voting rights in Nortel Inversora S.A. (&#147;NTL&#148;), a <I>sociedad an&oacute;nima</I> organized under the laws of Argentina which, in turn, has an ownership interest equal to 54.74% of
the common shares and voting rights in Telecom Argentina. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">As a result of the acquisition of 51% of Sofora common shares, the Offeror
shall increase its ownership interest in Sofora to 68% of the capital stock and voting rights in Sofora. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">This OPA is promoted and
intended to be made in compliance with the terms of Sections 87 and subsequent sections of Argentine Law 26,831 of Capital Markets and Section II, Chapter II, Title III of the rules issued by the Argentine Securities Commission in respect of
mandatory tender offers in case of a change of control and indirect acquisition of a &#147;significant participation&#148; prior to the acquisition of the direct control of Sofora and indirectly of Telecom Argentina. Class C shares issued by Telecom
Argentina are subject to special rules of ownership and transfer under the employee benefit plan created by Telecom Argentina and therefore, no such shares shall be the subject of this OPA, except to the extent that they are converted into Class B
shares by a Class C shareholder, in which case they shall be subject to this OPA as Class B shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">The promotion and consummation of the
OPA has been decided by resolution adopted by Fintech Telecom on February&nbsp;23, 2016. Fintech Telecom has represented that it has access to such economic sources as are necessary to pay the OPA Price. Notwithstanding the foregoing, any
obligations to pay the OPA Price shall be duly guaranteed, pursuant to CNV Rules. </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; text-indent:6%; font-size:14pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;OPA Price </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">The unit price payable for each Class B share duly tendered by its holder to be purchased by the Offeror during the Offer Period (as defined
below) shall amount to Pesos 46 (forty six) per share (less any cash dividend as may be payable by Telecom Argentina from the date of this announcement to the date of actual payment of the OPA Price). Said price shall be payable in Pesos in
Argentina not later than 5 (five) business days after expiration of the Offer Period. Upon any tender, each seller of shares pursuant to the OPA shall state its income tax condition in respect of any sale of shares pursuant to Argentine Income Tax
Law as amended by Law No 26,893 promulgated on September&nbsp;20, 2013, so as any tax withholdings shall be made as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">The
Offeror appointed Raymond James Argentina S.A. <I>Agente de Liquidaci&oacute;n y Compensaci&oacute;n y Agente de Negociaci&oacute;n &#150; Integral</I>, License Nbr. 31 granted by the CNV as agent for the OPA (the &#147;<U>Agent</U>&#148;) where
copies of this announcement and the prospectus will be available. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:14pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;Term and Conditions to the
OPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">Pursuant to applicable rules and regulations, the OPA shall be effective for a general term of 20 (twenty) business days (the
&#147;General Term&#148;) plus an additional 5 (five) business day-period (the &#147;Additional Term&#148;). The General Term will be that which is announced through a new notice through this medium once the authorization by the CNV for the
commencement of the Offer Period shall have been obtained and all other conditions precedent to this OPA shall have been duly complied with. Upon the expiration of the General Term, the Additional Term will be granted, which shall be 5 (five)
business days from the date of the expiration of the General Term, so that any such Shareholders who may have not agreed upon the terms of the OPA during the General Term may do so within the Additional Term (the date of expiration of the Additional
Term, referred to as the &#147;Expiration Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">The Offeror may extend the General Term and/or the Additional Term pursuant to
applicable rules (in which case the &#147;Expiration Date&#148; shall be such date on which the Additional Term after the extended General Term and/or extended Additional Term, shall have expired). The &#147;Offer Period&#148; shall be the period
between the beginning of the General Term and the Expiration Date. Upon expiration of the Additional Term (considering any extension thereof pursuant to the foregoing sentence, if any), the OPA shall expire and no further acceptance shall be valid
under the OPA. </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">The OPA shall be voluntarily accepted by shareholders and shall cover all Class B shares issued
by Telecom Argentina other than those held by the Offeror on the Expiration Date, without the existence of any maximum or minimum amount or percentage of Shares to which the obligation of the Offeror under the OPA shall be subject. Accepting
shareholders shall comply with all such steps as shall be set forth in the prospectus in order to evidence their acceptance and submit all and any documents to the Agent as are therein described. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:14pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;Conditions to the OPA </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="justify">The OPA shall be an irrevocable offer, and shall not be amended, revoked or otherwise cease to be in force and effect other than in accordance
with the terms hereof and with the provisions of the prospectus of the OPA and any applicable rules and regulations. However, the consummation of the OPA is subject to, among other conditions set forth in the prospectus, the following: (i)&nbsp;the
final acquisition by Fintech Telecom of the direct controlling interest in Sofora is duly completed, (ii)&nbsp;all and any such approvals as are necessary to be obtained from Enacom and any Argentine Antitrust Authorities for the final acquisition
of such controlling interest have been duly obtained and are in full force and effect, and there is no further condition which could adversely affect the Offeror or Telecom Argentina, and (iii)&nbsp;the approval for the OPA has been obtained from
the CNV and is in full force and effect in the terms proposed by the Offeror, pursuant to applicable rules and regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center">February&nbsp;24, 2016 </P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">SIGNATURES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:11pt; 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:24pt;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:11pt">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Date:&nbsp;&nbsp;&nbsp;&nbsp;February&nbsp;24<SUP STYLE="font-size:85%; vertical-align:top"></SUP><SUP STYLE="font-size:85%; vertical-align:top"></SUP>, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">&nbsp;/s/ Oscar C. Cristianci</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Oscar C. Cristianci</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Chairman</TD></TR>
</TABLE>
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