<SEC-DOCUMENT>0001193125-16-482672.txt : 20160229
<SEC-HEADER>0001193125-16-482672.hdr.sgml : 20160229
<ACCEPTANCE-DATETIME>20160226182001
ACCESSION NUMBER:		0001193125-16-482672
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160226
FILED AS OF DATE:		20160229
DATE AS OF CHANGE:		20160226

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:		161464042

	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>d150731d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
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 <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; 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:16pt; 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:20pt; 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:20pt; 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:20pt; 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:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right">Form 20-F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Form 40-F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; 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:8pt;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>
<TD WIDTH="38%"></TD>
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<TD VALIGN="top" ALIGN="right">Yes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; 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:8pt;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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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>
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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" ALIGN="right">Yes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; 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:8pt;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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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="right">Yes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; 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:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <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:20pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman" ALIGN="center">1.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Press release dated February&nbsp;26, 2016 titled &#147;Telecom Argentina S.A. announces Board of Directors&#146; approval of Annual Report and Financial Statements for the Fiscal Year ended on December&nbsp;31, 2015&#148;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
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<IMG SRC="g150731image1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL"><FONT COLOR="#4576d6"><B>For immediate release </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#808080">Market Cap: P$ 55.5 billion </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#808080">February&nbsp;26, 2016 </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#808080">Contacts: </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#808080">Pedro Insussarry </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#808080">Solange Barthe Dennin </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#808080">(54 11)
4968-3743/3752 </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4576d6">Telecom Argentina S.A. </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4576d6">announces Board of Directors&acute; approval of Annual Report and </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4576d6">Financial Statements for the Fiscal Year ended on December&nbsp;31, </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4576d6">2015 </FONT></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="justify"><FONT
 COLOR="#808080"><I>Buenos Aires, February&nbsp;26, 2016 -</I> Telecom Argentina S.A. (&#147;Telecom Argentina&#148; or the &#147;Company&#148;) (BASE: TECO2, NYSE: TEO), one of Argentina&#146;s leading telecommunications groups, announced that the
Board of Directors approved in its meeting held today, the local Annual Report (that includes the Corporate Governance Compliance Report), the Operating and Financial Review and Prospects, the Financial Statements and other relevant documents that
corresponds to the Fiscal Year ended December&nbsp;31, 2015. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080">Furthermore, the information contained in the press
release dated February&nbsp;10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2016, related to the &#145;Consolidated Preliminary Results for the Fiscal Year 2015&#146; has not evidenced any change. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#4576d6">Recent Relevant Matters </FONT></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080">Moreover, in such Meeting the Board resolved to submit to the Shareholders&#146; Meeting the following proposal related to
Retained Earnings of Fiscal Year ended December 31, 2015: </FONT></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B><U></U></B><U><B></B><B></B>Pesos<B></B></U><B></B></P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Retained Earnings as of December 31, 2015</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B></B><B></B>&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B></B><B>3,402,938,820</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"><B></B><B></B>&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">To Reserve for Future Cash Dividends</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B></B><B></B><B></B>&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="right"><B>(</B><B>3,402,938,820</B><B></B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"><B></B><B></B><B>)</B>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>To New Fiscal Year</B><B></B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B></B><B></B>&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B></B><B>-</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"><B></B><B></B>&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080">In addition, the Board proposed that the Shareholders&#146; Meeting delegates powers to the Board
of Directors to determine the allocation in one or more instances, of an amount of up to&nbsp;P$ 1,300 million&nbsp;of the &#145;Reserve for Future Cash Dividends&#146; for its distribution to the shareholders as cash dividends, depending on the
performance of the business. </FONT></P> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#808080">**** </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:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#a6a6a6">1 </FONT></P>



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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080">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&nbsp;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:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:10pt" COLOR="#4576d6"><B>&nbsp;</B></FONT> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-bottom:1pt; margin-top:0pt">&nbsp;</P></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL; font-size:10pt" COLOR="#4576d6"><B>Ownership&nbsp;Structure</B></FONT> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


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<P STYLE="margin-bottom:1pt; margin-top:0pt">&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="justify"><FONT COLOR="#808080">Nortel Inversora S.A. (&acute;Nortel&acute;), 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:8pt;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="#808080">As of February&nbsp;26, 2016, Telecom continued to have 984,380,978 shares issued and 969,159,605 shares outstanding.</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080">For more information, please contact Investor Relations: </FONT></P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
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<TD WIDTH="20%"></TD>
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<TD WIDTH="19%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Pedro Insussarry</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">(5411) 4968 3743</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Solange Barthe Dennin</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT
 COLOR="#808080">(5411) 4968 3752</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Luis F. Rial Ubago</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT
 COLOR="#808080">(5411) 4968 3718</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Ruth Fuhrmann</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">(5411) 4968 4448</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Antonella Papaleo</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT
 COLOR="#808080">(5411) 4968 6236</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080">Voice Mail: (5411)&nbsp;4968 3628 </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080">Fax: (5411)&nbsp;4968 3616 </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#a6a6a6">E-mail: </FONT><FONT STYLE="font-family:ARIAL" COLOR="#0166ff"><U>relinver@ta.telecom.com.ar</U></FONT><FONT
STYLE="font-family:ARIAL" COLOR="#a6a6a6"> </FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080">For information about Telecom Group services, visit: </FONT></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT STYLE="font-family:ARIAL" COLOR="#0166ff"><U>www.telecom.com.ar</U></FONT><FONT STYLE="font-family:ARIAL" COLOR="#a6a6a6"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT STYLE="font-family:ARIAL" COLOR="#0166ff"><U>www.personal.com.ar</U></FONT><FONT STYLE="font-family:ARIAL" COLOR="#a6a6a6"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT STYLE="font-family:ARIAL" COLOR="#0166ff"><U>www.personal.com.py</U></FONT><FONT STYLE="font-family:ARIAL" COLOR="#a6a6a6"> </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT STYLE="font-family:ARIAL" COLOR="#0166ff"><U>www.arnet.com.ar</U></FONT><FONT STYLE="font-family:ARIAL" COLOR="#a6a6a6"> </FONT></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080"><U>Disclaimer</U> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT
 COLOR="#808080">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:12pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#808080">Consolidated Balance Sheet and Consolidated Income Statement are attached. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#808080">**** </FONT></P>
<P STYLE="margin-top:63pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#808080">Oscar Carlos Cristianci </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT
 COLOR="#808080"><U>Chairman</U> </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:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#a6a6a6">2 </FONT></P>



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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0166ff"><B><I>TELECOM ARGENTINA S.A. </I></B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0166ff"><B>Consolidated information </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0166ff"><B><I>Fiscal Year 2015 </I></B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0166ff"><B>(In million of Argentine pesos) </B></FONT></P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-size:9pt" COLOR="#0166ff"><B><U>Consolidated Balance Sheet</U></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
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<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:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#0166ff"><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="#0166ff"><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="#0166ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#0166ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#0166ff"><B></B></FONT><B> $</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"><FONT COLOR="#0166ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#0166ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#0166ff"><B></B></FONT><B> %</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" 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="#808080">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">870</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">825</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">5.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Trade receivables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">5,663</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">4,124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,539</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">37.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Other Receivables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,336</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">666</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">99.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Inventories</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">2,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">721</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,472</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">204.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080"><B>Total current assets</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>11,492</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>6,393</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>5,099</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>79.8%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Financial Investments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">10.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Trade receivables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">481</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">143</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">338</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">17,963</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">13,809</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">4,154</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">30.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Intangible assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">7,659</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">5,331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">2,328</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">43.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Other Receivables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">538</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">341</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">57.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080"><B>Total non-current assets</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>26,973</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>19,924</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>7,049</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>35.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080"><B>Total Assets</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>38,465</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>26,317</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>12,148</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>46.2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</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="#808080">Trade payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">9,873</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">6,072</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">3,801</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">62.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Deferred revenues</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">507</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(30)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-5.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Financial debt</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">3,451</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">3,272</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Salaries and social security payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,261</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,022</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">239</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">23.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Income tax payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">439</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">192</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">77.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Other taxes payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,153</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">824</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">39.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">12.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Provisions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">207</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">199</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">4.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080"><B>Total current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>16,914</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>9,097</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>7,817</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>85.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Trade payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Deferred revenues</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">457</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">465</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(8)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-1.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Financial debt</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,449</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">254</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,195</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Salaries and social security payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">4.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Deferred income tax liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">550</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">417</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">31.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Income tax payables</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">11.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">32.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&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="#808080">Provisions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,080</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">7.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080"><B>Total non-current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>3,941</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>2,451</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>1,490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>60.8%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</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="#808080"><B>TOTAL LIABILITIES</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>20,855</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>11,548</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>9,307</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>80.6%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Equity attributable to Telecom Argentina (Controlling Company)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>17,194</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>14,418</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>2,776</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>19.3%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</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="#808080">Non-controlling interest</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">416</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">18.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080"><B>TOTAL EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>17,610</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>14,769</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>2,841</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>19.2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</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="#808080"><B>TOTAL LIABILITIES AND EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>38,465</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>26,317</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>12,148</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>46.2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></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:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#a6a6a6">3 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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


<IMG SRC="g150731image1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4576d6"><B><I>TELECOM ARGENTINA S.A. </I></B></FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4576d6"><B>Consolidated information </B></FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4576d6"><B><I>Fiscal Year 2015 </I></B></FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#4576d6"><B>(In million of Argentine pesos) </B></FONT></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:ARIAL; font-size:9pt" ALIGN="center">


<TR>
<TD WIDTH="74%"></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:9pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B><FONT COLOR="#0166ff"><U>Consolidated Income Statements</U></FONT></B></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:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#0166ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#0166ff"><B>12/31/15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0166ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#0166ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#0166ff"><B>12/31/14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0166ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#0166ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#0166ff"></FONT><FONT COLOR="#0166ff"><B></B></FONT><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#0166ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#0166ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#0166ff"><B></B></FONT><B>$&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0166ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#0166ff"></FONT><FONT COLOR="#0166ff"><B></B></FONT><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#0166ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#0166ff"></FONT><FONT COLOR="#0166ff"><B></B></FONT><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#0166ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#0166ff"><FONT STYLE="FONT-FAMILY:SYMBOL">&#068;</FONT></FONT><FONT COLOR="#0166ff"><B></B></FONT><B>%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#0166ff"><B></B><FONT STYLE="font-family:Times New Roman" COLOR="#0166ff"></FONT><FONT COLOR="#0166ff"><B></B></FONT><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Revenues</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">40,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">33,341</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">7,155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">21.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Other
income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(3)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-6.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;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:9pt; font-family:ARIAL"><FONT COLOR="#808080"><B>Total
Revenues&nbsp;&amp; Other Income</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>40,540</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>33,388</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>7,152</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>21.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Employee benefit
expenses and severance payments</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(7,253)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(5,591)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(1,662)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">29.7%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Interconnection
costs and other telecommunication charges</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(2,170)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(2,074)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(96)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">4.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Fees for services,
maintenance, materials and supplies</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(3,919)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(3,333)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(586)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">17.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Taxes and fees with
the Regulatory Authority</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(3,943)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(3,297)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(646)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">19.6%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Commissions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(3,193)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(2,494)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(699)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">28.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Cost of equipments
and handsets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(4,595)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(4,143)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(452)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">10.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Advertising</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(814)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(792)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(22)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">2.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Cost of Value Added
Services</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(1,256)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(936)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(320)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">34.2%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Provisions</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(113)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(84)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(29)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">34.5%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Bad debt
expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(564)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(424)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(140)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">33.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Other operating
expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(1,854)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(1,518)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(336)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">22.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;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:9pt; font-family:ARIAL"><FONT COLOR="#808080"><B>Subtotal
Operating costs</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>(29,674)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>(24,686)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>(4,988)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>20.2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;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:9pt; font-family:ARIAL"><FONT COLOR="#808080"><B>Operating income
before D&amp;A</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>10,866</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>8,702</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>2,164</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>24.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">D&amp;A</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(4,438)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(3,243)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(1,195)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">36.8%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Results on disposal
of PP&amp;E and write-down of PP&amp;E</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(199)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(16)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(183)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;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:9pt; font-family:ARIAL"><FONT COLOR="#808080"><B>Operating
income</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>6,229</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>5,443</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>786</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>14.4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Finance
Income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">1,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(213)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-16.1%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Finance
Expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(2,209)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(1,067)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(1,142)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">107.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;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:9pt; font-family:ARIAL"><FONT COLOR="#808080"><B>Net income before
income tax expense</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>5,127</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>5,696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>(569)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>-10.0%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Income tax
expense</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(1,692)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(1,967)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">275</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-14.0%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;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:9pt; font-family:ARIAL"><FONT COLOR="#808080"><B>Net
Income</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>3,435</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>3,729</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>(294)</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080"><B>-7.9%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080"><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 #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" 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="#808080">Attributable to:</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:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Telecom Argentina
(Controlling Company)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">3,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">3,673</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(270)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-7.4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#808080">Non-controlling
interest</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">(24)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#808080">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#808080">-42.9%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#808080">&nbsp;&nbsp;</FONT></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:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#a6a6a6">4 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <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:5%; 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:26pt;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="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:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date: &nbsp;&nbsp;&nbsp;&nbsp;February&nbsp;26,&nbsp;2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/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="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: &nbsp;&nbsp;&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="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board of Directors</TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
