<SEC-DOCUMENT>0000950103-16-013013.txt : 20160429
<SEC-HEADER>0000950103-16-013013.hdr.sgml : 20160429
<ACCEPTANCE-DATETIME>20160429172611
ACCESSION NUMBER:		0000950103-16-013013
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160429
FILED AS OF DATE:		20160429
DATE AS OF CHANGE:		20160429

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:		161608546

	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>dp65402_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 3.5pt solid; border-bottom: black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">For the month
of April 2016</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">Commission
File Number: 001-13464</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Alicia
Moreau de Justo, No. 50, 1107</B>&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: none; text-align: center"><font style="font-size: 10pt">Form 20-F<u> </u></font></td>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X&nbsp;</P></td>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</td>
    <TD STYLE="width: 28%; font-size: 10pt; text-decoration: none; text-align: center"><font style="font-size: 10pt">Form 40-F<u> </u></font></td>
    <TD STYLE="width: 14%">
&nbsp;<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: none; text-align: center"><font style="font-size: 10pt">Yes<u> </u></font></td>
    <TD STYLE="width: 14%">
&nbsp;<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</td>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">No</font></td>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: none; text-align: center"><font style="font-size: 10pt">Yes<u> </u></font></td>
    <TD STYLE="width: 14%">
&nbsp;<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</td>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">No</font></td>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-decoration: none; text-align: center"><font style="font-size: 10pt">Yes<u> </u></font></td>
    <TD STYLE="width: 14%">
&nbsp;<!-- Field: Rule-Page --><div align="left" style="margin-top: 1pt; margin-bottom: 1pt"><div style="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page --></td>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</td>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">No</font></td>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify"><B><I><U STYLE="text-decoration: none"></U></I></B>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
of the CEO of the Telecom Argentina Group</FONT></P>



<B><I><U STYLE="text-decoration: none"></U></I></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Composition of the Board
Of Directors, the Supervisory Committee and members of the Audit Committee</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">3.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Summary of the Resolutions
approved by the General Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April 29, 2016</FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;1</B></FONT></P>

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

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

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td rowspan="2" style="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>FOR IMMEDIATE RELEASE</u></b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Buenos Aires, April 29, 2016</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td>
    <td style="vertical-align: bottom; font-size: 10pt">&nbsp;</td>
    <td rowspan="2" style="vertical-align: top; font-size: 10pt; text-align: right"><img src="image_002.jpg" alt="LOGO" style="height: 61px; width: 122px"></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>SECURITIES AND EXCHANGE COMMISSION </U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
<B><I><U>RE.: Information in Compliance with Title XII, Chapter I, Articles 2 and 3 and Title II, Chapter III, Article 8 a) of
the Rules of the Comisi&oacute;n Nacional de Valores (CNV) (New Text 2013)</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I am writing you in my capacity as <B>Chairman of Telecom Argentina
S.A</B> (the &lsquo;Company&rsquo;), to inform the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1) Due to the change of control of the Company that took place
on March 8, 2016, certain modifications in the Senior Management will take place. In this sense, Mrs. Elisabetta Ripa, Chief Executive
Officer (CEO) of the Telecom Argentina Group, has communicated to the Board of Directors her decision to return to Italy to take
over responsibilities in new projects in the Telecom Italia Group, <B>ceasing in her responsibilities as CEO on May 12, 2016</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2) Consequently, the Board of Directors of the Company, in its
meeting held today, has resolved to appoint <B>Mr. Germ&aacute;n Horacio Vidal</B> as <B>Chief Executive Officer (CEO)</B> of the
Telecom Argentina Group, as the replacement of Mrs Elisabetta Ripa, <B>effective as of May 12, 2016</B>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; width: 45%"><b>Telecom Argentina S.A.</b></td></tr>
<tr>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/
Mariano M. Iba&ntilde;ez&nbsp;</P></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Mariano M. Iba&ntilde;ez</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Chairman of the Board of Directors</td></tr>
</table>


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

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

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

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Item 2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="image_002.gif" ALT="" STYLE="height: 57px; width: 114px"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>FREE TRANSLATION</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>FOR IMMEDIATE RELEASE</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Buenos Aires, April&nbsp;29, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><U>SECURITIES AND EXCHANGE COMMISSION</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Dear Sirs,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I><U>RE.: COMPOSITION OF THE BOARD
OF DIRECTORS, THE SUPERVISORY COMMITTEE AND MEMBERS OF THE AUDIT COMMITTEE</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Resolutions approved by the General
Ordinary and Extraordinary Shareholders&rsquo; Meeting held on April 29, 2016 and by the Board of Directors on its meeting celebrated
the same day, regarding the composition of the Board of Directors, the Supervisory Committee and the Audit Committee of Telecom
Argentina S.A..</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>BOARD OF DIRECTORS</U></B>:<B>&nbsp;<U>Chairman</U>:</B>&nbsp;Mariano
Marcelo Iba&ntilde;ez.<B>&nbsp;<U>Vice-Chairman</U>:</B>&nbsp;Gerardo Werthein.<B>&nbsp;Directors:</B>&nbsp;David Manuel Mart&iacute;nez,
Carlos Alejandro Harrison; Mart&iacute;n H&eacute;ctor D&acute;Ambrosio; Pedro Chomnalez; Alejandro Macfarlane, Esteban Gabriel
Macek, Pedro Costoya, Enrique Horacio Boilini and Dar&iacute;o Leandro Genua.<B>&nbsp;<U>Alternate Directors</U>:</B>&nbsp;Baruki
Luis Alberto Gonz&aacute;lez; Saturnino Jorge Funes; Bernardo Saravia Fr&iacute;as; Gabriel Hugo Fissore; Jos&eacute; Luis Galimberti;
Ignacio Villarroel, Eduardo Federico Bauer, Pablo Alberto Guti&eacute;rrez, Germ&aacute;n Ariel Zunini, Mart&iacute;n Alberto Breinlinger
and Luis Mar&iacute;a Abb&aacute;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The members of the Board of Directors will hold office for three
fiscal years (to the date of the Shareholders' Meeting which will consider the documentation for fiscal year 2018).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>SUPERVISORY COMMITTEE</U>: <U>Regular
Members</U>:</B>&nbsp;Mr. Pablo Andr&eacute;s Buey Fern&aacute;ndez; Mr. Ernesto Juan Cassani; Mr. Diego Emilio Rangugni; Mr. Gerardo
Prieto and Mr. Gabriel Andr&eacute;s Carretero.<B>&nbsp;<U>Alternate Members</U>:</B>&nbsp;Mr. Javier Alegr&iacute;a; Mr. Pablo
Cinque; Mr. Juan Facundo Genis; Mrs Mirta Silvia Maletta and Mr. Ra&uacute;l Alberto Garr&eacute;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The members of the Supervisory Committee will hold office for
one fiscal year (to the date of the Shareholders' Meeting which will consider the documentation for fiscal year 2016).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>AUDIT COMMITTEE</U>: </B>Esteban
Gabriel Macek (&lsquo;financial expert of the Audit Committee&rsquo;); Alejandro Macfarlane and Mart&iacute;n H&eacute;ctor D&rsquo;Ambrosio</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>Independent Auditors of the Financial
Statements for Fiscal Year 2016</U></B>: Price Waterhouse &amp; Co S.R.L.. Mr. Mario &Aacute;ngel Julio was designated as the regular
certifying accountant and Mr. Marcelo Daniel Pfaff and Mr. Walter Rafael Zablocky as his alternates indistinctly. <B><U> </U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Yours sincerely,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Mariano M. Iba&ntilde;ez</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Chairman</B></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
3</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>TELECOM ARGENTINA S.A.</U></B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>(&lsquo;Telecom Argentina&rsquo; or
the &lsquo;Company&rsquo;)</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Summary of the Resolutions approved
by the General Ordinary and Extraordinary</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Shareholders&rsquo; Meeting held on
April 29, 2016</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following resolutions were adopted upon
reviewing each of the points included in the Agenda:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>1&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Appointment of two shareholders to approve and sign the Minutes of the Meeting.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mrs. Maria de los Angeles Blanco Salgado,
the representative of Nortel Inversora S.A. and Mr. Ferm&iacute;n O. Castro Madero, the representative of the <I>Administraci&oacute;n
Nacional de Seguridad Social &ndash; Fondo de Garant&iacute;a de Sustentabilidad &ndash; Law N&deg; 26,425 </I>(or &ldquo;ANSeS&rdquo;),
were appointed to approve and sign the Minutes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>2&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Consider the documentation required by Law 19,550 section 234 paragraph 1, the &lsquo;Comisi&oacute;n
Nacional de Valores&rsquo; (&lsquo;CNV&rsquo;) Rules and the Buenos Aires Stock Exchange Rules for Listed Companies, and the accounting
documents in English language required by the US Securities &amp; Exchange Commission Rules, for the twenty-seventh fiscal year,
ended December 31, 2015 (&ldquo;Fiscal Year 2015&rdquo;).</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">All of the documentation submitted for consideration
by the shareholders was approved without any amendments, as it was presented to the Board of Directors, the Audit Committee and
the Supervisory Committee and approved by the Board of Directors in its meeting held on February 26, 2016 and filed with the regulatory
entities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>3&ordm;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Consider the Disposition of Retained Earnings as of December 31, 2015 (P$ 3,402,938,820).
Board Proposal: (i) to allocate the total amount of said Retained Earnings to set up a &ldquo;Reserve for Future Cash Dividends&rdquo;,
and (ii) to empower the Board so that, based on business development, may release, once or in installments, an amount of up to
P$ 2,000,000,000 from said Reserve and distribute it to the shareholders as cash dividends.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Shareholders&rsquo; Meeting approved
the following allocation of Retained Earnings as of December 31, 2015:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">to allocate the total amount of said Retained Earnings as of December 31, 2015 (P$ 3,402,938,820.-)
to set up a &lsquo;Reserve for Future Cash Dividends&rsquo;; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">The delegation of the authority to the Board of Directors to determine the allocation, subject
to the performance of the business, in one or more installments, of an amount up to P$ 2,000,000,000.- of the &lsquo;Reserve for
Future Cash Dividends&rsquo; and its distribution to the shareholders as cash dividends.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 33pt"><B><I>4&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Consider the performance of Board Members who have served from April 29, 2015 to the date
of this General Meeting.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The performance of the members of the Board
of Directors that resigned on March 8, 2016, as the change in the holding ownership that represents the control group took place,
had already been considered and approved by the Ordinary and Extraordinary Shareholders&rsquo; meeting held on April 8, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This Shareholders&rsquo; Meeting approved
the performance of:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD STYLE="text-align: justify">The regular directors, <B>Mr. Gerardo Werthein and Mr. Esteban Gabriel Macek</B> and the alternate
directors <B>Mr. Eduardo Federico Bauer and Mr. Pablo Alberto Guti&eacute;rrez</B> from April 29, 2015 to the date of this Shareholders&rsquo;
Meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD STYLE="text-align: justify">The regular directors, <B>Mrs. Mariana Laura Gonz&aacute;lez and Mr. Federico Horacio Gosman and
Mr. Esteban Ariel Santa Cruz</B> and the alternate directors <B>Mrs. Ver&oacute;nica Daniela Alvarez and Mr. Juan Massolo and Mr.
Eduardo Pablo G. Setti</B> from April 29, 2015 to December 17, 2015, which is the date where the Board of Directors accepted their
resignations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD STYLE="text-align: justify">The regular directors, <B>Mr. Mariano Marcelo Ib&aacute;&ntilde;ez; Mr. David Manuel Mart&iacute;nez,
Mr. Alejandro Macfarlane; Mr. Carlos Alejandro Harrison; Mr. Mart&iacute;n H&eacute;ctor D&rsquo;Ambrosio and Mr. Pedro Chomnalez</B>
and the alternate directors <B>Mr. Christian Whamond; Mr. Baruki Luis Alberto Gonz&aacute;lez; Mr. Saturnino Jorge Funes; Mr. Bernardo
Saravia Fr&iacute;as; Mr. Gabriel Hugo Fissore; Mr. Jos&eacute; Luis Galimberti and Mr. Ignacio Villarroel</B>, from the date of
their respective designations to the date of this Shareholders&rsquo; Meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3pt"></TD><TD STYLE="width: 32.4pt"><B><I>5&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Consider the performance of Supervisory Audit Committee Members who have served from April
29, 2015 to the date of this General Meeting.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Shareholders&rsquo; Meeting approved
the performance of the Supervisory Committee regular members and alternate members that resigned as the change in the holding ownership
that represents the control group took place, had already been considered and approved by the Ordinary and Extraordinary Shareholders&rsquo;
meeting held on April 8, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This Shareholders&rsquo; Meeting approved
the performance of:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD STYLE="text-align: justify">The Supervisory Committee regular members <B>Mr. Gerardo Prieto and Mr. Ra&uacute;l Alberto Garr&eacute;</B>
and the Supervisory Committee alternate members <B>Mr. Guillermo Feldberg and Mrs. Silvia Alejandra Rodr&iacute;guez</B>, from
April 29, 2015 to the date of this Shareholders&rsquo; Meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD STYLE="text-align: justify">The Supervisory Committee regular members <B>Mr. Pablo Andr&eacute;s Buey Fern&aacute;ndez, Mr.
Ernesto Juan Cassani and Mr. Diego Emilio Rangugni</B> and the Supervisory Committee alternate members <B>Mr. Javier Alegr&iacute;a,
Mr. Pablo Cinque</B> and <B>Mr. Juan Facundo Genis</B> from April 8, 2016 to the date of this Shareholders&rsquo; Meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>6&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Consider the fees of Board Members for their service during Fiscal Year 2015 (from the General
Meeting of April 29, 2015 to the date of this Meeting). Proposal to pay the total amount of P$ 20,000,000, representing 0.58% of
the &ldquo;accountable earnings&rdquo;, calculated according to CNV Rules Title II Chapter III section 3 (N.T. 2013).</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The aggregate compensation of P$ 20,000,000
was approved for members of the Board of Directors acting from the Shareholders&rsquo; Meeting of April 29, 2015 to the date of
this Meeting, to be distributed in the manner provided for by the Company&rsquo;s Board of Directors, taking in consideration the
advance payments of fees that the Directors have received.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>7&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Consider the fees of Supervisory Audit Committee Members for their services during fiscal
year 2015 (from the General Meeting of April 29, 2015 to the date of this Meeting). Proposal to pay the total amount of P$ 4,615,500.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Total compensation of P$ 4,615,500 was approved
for the Supervisory Committee members acting from the Shareholders&acute; Meeting held on April 29, 2015 to the date of this Meeting,
taking into consideration the advance payments of fees that the members of the Supervisory Committee have received. Such amount
shall be distributed between the regular members in proportion to the time of their respective performances and in favor of their
respective alternates who effectively served and in such manner as determined by the regular members of the Supervisory Committee.
In the case of the compensation for the Supervisory Committee members that are part of the <I>&lsquo;Sindicatura General de la
Naci&oacute;n&rsquo;</I> (SIGEN), those will be perceived by the mentioned entity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>8&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Determine the number of regular and alternate Members of the Board to serve for three (3)
fiscal years after this Meeting.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It was resolved that the Board of Directors
will be composed of eleven (11) regular members and eleven (11) alternate members to perform from the date of this Shareholders&rsquo;
Meeting and for three fiscal years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>9&deg;)&#9;Elect regular directors.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following were elected as regular members:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Mr. Mariano Marcelo Ib&aacute;&ntilde;ez,
Mr. David Manuel Mart&iacute;nez, Mr. Alejandro Macfarlane, Mr. Carlos Alejandro Harrison, Mr. Mart&iacute;n H&eacute;ctor D&rsquo;Ambrosio,
Mr. Pedro Chomnalez, Mr. Gerardo Werthein, Mr. Esteban Gabriel Macek, Mr. Enrique Horacio Boilini, Mr. Pedro &Aacute;ngel Costoya
and Mr. Dar&iacute;o Leandro Genua</B>. Mr. Boilini, Mr. Costoya and Mr. Genua were proposed by the shareholder ANSeS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mr. Carlos Alejandro Harrison, Mr. Mart&iacute;n
H&eacute;ctor D&acute;Ambrosio, Mr. Esteban Gabriel Macek, Mr. Enrique Horacio Boilini, Mr. Pedro &Aacute;ngel Costoya and Mr.
Dar&iacute;o Leandro Genua qualify as independent directors according to the Rules of the CNV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The rest of the members qualify as &lsquo;non-independent&rsquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>10&deg;)&#9;Elect alternate directors.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following were elected as alternate
members:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Mr. Baruki Luis Alberto Gonz&aacute;lez,
Mr. Saturnino Jorge Funes, Mr. Bernardo Saravia Fr&iacute;as, Mr. Gabriel Hugo Fissore, Mr. Jos&eacute; Luis Galimberti, Mr. Ignacio
Villarroel</B>, as alternate members indistinctly to Mr. Mariano Marcelo Ib&aacute;nez and Mr. David Manuel Mart&iacute;nez, Mr.
Alejandro Macfarlan, Mr. Carlos Alejandro Harrison, Mr. Mart&iacute;n Hector D&rsquo;Ambrosio and Mr. Pedro Chomnalez; <B>Mr. Eduardo
Federico Bauer</B> as Gerardo Werthein alternate; <B>Mr. Pablo Alberto Guti&eacute;rrez</B> as Mr. Esteban Gabriel Macek alternate;
and <B>Mr. Germ&aacute;n Ariel Zunini, Mr. Mart&iacute;n Alberto Breinlinger and Mr. Luis Mar&iacute;a Abb&aacute;</B> as alternate
members indistinctly to Mr. Enrique Horacio Boilini, Mr. Pedro &Aacute;ngel Costoya and Mr. Dar&iacute;o Leandro Genua. Mr. Zunini,
Mr. Breinlinger and Mr. Abb&aacute; were proposed by the shareholder ANSeS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Mr. Bernardo Saravia Fr&iacute;as, Mr. Gabriel
Hugo Fissore, Mr. Pablo Alberto Guti&eacute;rrez, Mr. Germ&aacute;n Ariel Zunini, Mr. Mart&iacute;n Alberto Breinlinger and Mr.
Luis Mar&iacute;a Abb&aacute; qualify as independent directors according to the Rules of the CNV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The rest of the members qualify as &lsquo;non-independent&rsquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>11&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Authorize the Board to make advances on directors&rsquo; fees to those directors serving
during the 2016 Fiscal Year (from the date of this Meeting until the Meeting considering the documentation for said year, contingent
upon what said Meeting resolves).</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Board of Directors was authorized to
make advance payments of fees to the members of the Board of Directors acting during Fiscal Year 2016, according to the guidelines
of the <I>&lsquo;Ley General de Sociedades&rsquo;</I> (Corporate Law) and the contingent upon the decision adopted at the Shareholders&rsquo;
Meeting that considers the documentation for such fiscal year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>12&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Determine the number of regular and alternate Members of the Supervisory Audit Committee
for Fiscal Year 2016.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It was resolved that the Supervisory Committee
will be composed of five (5) regular members and five (5) alternate members to perform during Fiscal Year 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>13&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Elect regular members of the Supervisory Audit Committee.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following were elected as regular members:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>Mr. Pablo Buey Fern&aacute;ndez, Mr.
Ernesto Juan Cassani, Mr. Diego Emilio Rangugni, Mr. Gerardo Prieto and Mr. Gabriel Andr&eacute;s Carretero. Mr. Carretero</B>
was proposed by the shareholder ANSeS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">All of the elected members qualify as &lsquo;independent&rsquo;
according to the standard established by the Rules of the CNV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It was also stated that none of the elected
members, the law firms that they are members of or other members of such law firms have been External Auditors of the Company nor
will be nominated for such purpose.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>14&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Elect alternate members of the Supervisory Audit Committee.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following were elected as alternate
members:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Mr.
Javier Alegr&iacute;a, Mr. Pablo Cinque and Mr. Juan Facundo Genis</B> as alternate i</FONT>ndistinctly to Mr. Pablo Buey Fern&aacute;ndez,
Mr. Ernesto Juan Cassani and Mr. Diego Emilio Rangugni; <B>Mrs. Mirta Silvia Maletta</B> as alternate to Mr. Gerardo Prieto and
<B>Mr. Ra&uacute;l Alberto Garr&eacute;</B> as alternate to Mr. Gabriel Andr&eacute;s Carretero.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">All of the elected alternate members qualify
as &lsquo;independent&rsquo; according to the standard established by the Rules of the CNV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It was also stated that none of the alternate
members, the law firms that they are members of or other members of such law firms have been External Auditors of the Company nor
will be nominated for such purpose.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.4pt"><B><I>15&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Authorize the Board to make advances on the fees of Supervisory audit committee members to
those members serving during the 2016 Fiscal Year (from the date of this Meeting until the Meeting considering the documentation
for said year, contingent upon what said Meeting resolves).</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Board of Directors was authorized to
make advance payments of fees to the members of the Supervisory Committee acting during Fiscal Year 2016 contingent upon the decision
adopted at the Meeting reviewing the documents of such fiscal year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt"><B><I>16&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Determine the compensation of Independent Auditors who provided services during the 2015
Fiscal Year.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The compensation of the independent auditors
acting during the fiscal year ended on December 31, 2015 was set in the aggregate amount of P$ 10,400,000, excluding VAT, of which
P$ 5,100,000 were assigned to the financial statements audit fees and P$ 5,300,000 to the audit tasks related to certification
under Section 404 of the Sarbanes-Oxley Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt"><B><I>17&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Consider &ndash;in accordance with the provisions of CNV Resolution No. 639/2015&ndash; extending
for three years (fiscal years 2016, 2017 and 2018) the term for the present Independent Auditors (Price Waterhouse &amp; Co. S.R.L.)
to lead the audit tasks of the Company.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It was approved the extension for three
years of the rotation period of the current Independent Auditors of Telecom Argentina, so that the firm Price Waterhouse &amp;
Co. S.R.L. could eventually performed as the Independent Auditor of the Company during Fiscal Years ending on December 31, 2016,
2017 and 2018; if the respective Shareholders&rsquo; Meetings designate the mentioned firm to perform the corresponding functions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>18&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Appoint Independent Auditors to audit the financial statements for the Fiscal Year 2016,
and determine their compensation. </I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Accounting Firm &ldquo;Price Waterhouse
&amp; Co SRL&rdquo; was appointed as Independent Auditor of the financial statements for Fiscal Year 2016. Mr. Mario &Aacute;ngel
Julio was designated as the regular certifying accountant and Mr. Marcelo Daniel Pfaff and Mr. Walter Rafael Zablocky as his alternates
indistinctly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It was resolved that the compensation for
the Independent Auditors for the financial statements of Fiscal Year 2016 should be determined at the Shareholders&rsquo; Meeting
reviewing the financial statements for that fiscal year, and it was delegated to the Board of Directors the determinations of the
terms and conditions of the service, with the intervention of the Audit Committee and the authorization to make advanced fee payments
to the Independent Auditors, for an amount that the Board of Directors with the advice of the Audit Committee, deems reasonable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt"><B><I>19&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Consider the budget for the Audit Committee for Fiscal Year 2016 (AR$ 2,700,000).</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The budget for the Audit Committee operations
for the Fiscal Year ending December 31, 2016 was set in the amount of P$ 2,700,000.-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.25pt"><B><I>20&deg;)</I></B></TD><TD STYLE="text-align: justify"><B><I>Extend for three years the term for keeping the treasury stock.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">It was resolved to extend for three (3)
additional years, to that stipulated in Section 67 of Law. N&deg; 26,831, term in which the amount of 15,221,373 treasury stocks
acquired, could be kept.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">All resolutions where adopted by the majority
of computable votes after deducting the voluntary abstentions from the calculation base.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Shareholders&rsquo; Meeting was attended
by Maria In&eacute;s Pont Lezica on behalf of the <I>Comisi&oacute;n Nacional de Valores </I>and accountant Cristina Luis on behalf
of the Buenos Aires Stock Exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>Mariano Marcelo Ib&aacute;&ntilde;ez</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>Chairman</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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

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

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

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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td colspan="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <td colspan="3"><FONT STYLE="font-size: 10pt"><B>Telecom Argentina S.A. </B></FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date:</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">April 29<SUP>th</SUP>, 2016</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></td>
    <td colspan="2" style="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Pedro G. Insussarry</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 29%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 19%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></td>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Pedro G. Insussarry</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></td>
    <TD><FONT STYLE="font-size: 10pt">Responsible for Market Relations</FONT></td></tr>
</table>


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

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
