<SEC-DOCUMENT>0000950103-16-013025.txt : 20160502
<SEC-HEADER>0000950103-16-013025.hdr.sgml : 20160502
<ACCEPTANCE-DATETIME>20160429202913
ACCESSION NUMBER:		0000950103-16-013025
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160429
FILED AS OF DATE:		20160502
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:		161609363

	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>dp65409_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>&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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of April 2016</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 12pt 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: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 12pt">Yes<U> </U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid; width: 14%">&nbsp;</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: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 12pt 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: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 12pt">Yes<U> </U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid; width: 14%">&nbsp;</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: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 12pt 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: 40%; border-collapse: collapse">
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    <TD STYLE="font-size: 10pt; text-align: center; width: 29%"><FONT STYLE="font-size: 12pt">Yes<U> </U></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid; width: 14%">&nbsp;</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: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X</P>
</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 12pt 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: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD>English translation of letter dated April 29, 2016 to the Argentine Comisi&oacute;n Nacional de Valores
                                                                                                                                (National&nbsp;Securities Commission) regarding Partial withdrawal of the 'Reserve for Future Cash Dividends&rsquo; and
                                                                                                                                dividend distribution</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD>Press Release dated April 29, 2016 titled &ldquo; Telecom Argentina S.A. announces the first payment of dividends for the fiscal
year ended on December 31, 2015&rdquo;</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Item 1</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: justify; background-color: white">Buenos Aires,
April 29, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Mr. Chairman of
the <I>Comisi&oacute;n Nacional de Valores</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>RE.: Partial
withdrawal of the 'Reserve for Future Cash Dividends&rsquo; and dividend distribution</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">I am writing to
you as&nbsp;<B>Responsible for Market Relations of Telecom Argentina S.A (&ldquo;Telecom Argentina&rdquo; or the &ldquo;Company&rdquo;)</B>&nbsp;to
inform you that the Ordinary and Extraordinary Shareholders&rsquo; Meeting held today, decided to allocate the total amount of
the Retained Earnings as of December 31, 2015 (P$ 3,402,938,820) for the constitution of a &lsquo;Reserve for Future Cash Dividends&rsquo;,
and delegated the powers to the Board of Directors to withdraw and distribute such Reserve, in one or more occasions, for an amount
up to P$ 2,000,000,000 and to distribute the amount withdrawn as cash dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company&rsquo;s
Board of Directors on its meeting held today, and in accordance to the powers delegated to it by the General Shareholders&rsquo;
Meeting, decided:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(i)</TD><TD STYLE="text-align: justify">To withdraw the amount of P$ 700,000.000 of the &lsquo;Reserve for Future Cash Dividends&rsquo;
and to distribute that amount as cash dividends, that will be made available to Shareholders as from May 13, 2016. The amount
of P$ 700,000,000 that was decided to be distributed as the first installment of the cash dividend, represents 72.23% of the outstanding
capital and of the nominal value of its representative shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">(ii)</TD><TD STYLE="text-align: justify">To withdraw and distribute as cash dividends, during the month of August 2016, the amount of P$
1,300,000,000, that will be made available to Shareholders during the month of August 2016, in the date that the Management
of the Company will determine.</TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><B>Telecom Argentina S.A.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/
Pedro Insussarry&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><I>Reponsible for Market Relations</I></TD></TR>
</TABLE><BR STYLE="clear: both">

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


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<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: left">&nbsp;</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 48%; text-align: left; font-size: 12pt; color: blue; font-weight: bold"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #4576D6">For immediate release</font></td>
    <td style="width: 52%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: gray"><IMG SRC="image_002.jpg" ALT=""></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: gray">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: gray">Market Cap: P$53.2 billion</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: gray">April 29, 2016</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: gray">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Contacts:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Pedro Insussarry</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Solange Barthe Dennin</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">(54 11) 4968-3743/3752</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray; text-indent: 141.75pt">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 0; text-align: center; color: #4576D6">Telecom Argentina
S.A.&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 0; text-align: center; color: #4576D6">announces the
first payment of dividends for the fiscal year ended on December 31, 2015</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.15pt 0pt 0; text-align: center; color: #4576D6">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #818181"><I>Buenos Aires, April 29,
2016</I> - Telecom Argentina S.A. (&ldquo;Telecom Argentina&rdquo; or the &ldquo;Company&rdquo;) (BASE: TECO2, NYSE: TEO), one
of Argentina's leading telecommunications groups, announced that the Company&rsquo;s Board of Directors on its meeting held today,
in accordance to the powers delegated to it by the General Shareholders&rsquo; Meeting decided: to withdraw the amount of <B>P$
700,000.000</B> of the &lsquo;Reserve for Future Cash Dividends&rsquo; and to distribute such amount as cash dividends.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #818181">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: gray">This first dividend
payment will be made starting on <B>May 13, 2016</B>. The amount to be distributed is equivalent to </FONT><FONT STYLE="color: #818181">72.23%
of the outstanding capital and the nominal value of its representative shares</FONT><FONT STYLE="color: gray"> or <B>P$0.7222752541
per outstanding share in circulation or P$3.61 per ADR</B>, prior to deductions of the Personal Asset Tax and Income Tax obligations,
as described below. Dividends will not be paid to nor reserved for Treasury shares.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">For <B>ADR holders</B>, the
<B>Record Date </B>of this first dividend payment is<B> May 12, 2016</B> and the <B>Payment Date</B> is <B>May 20, 2016</B>. The
payment to these shareholders will be made through the Depositary Bank, JP Morgan Chase Bank N.A.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">For <B>non-ADR holders</B>,
the <B>Record Date</B> of this first dividend payment is also <B>May 12, 2016</B> and payment will be available as from <B>May
13, 2016</B> (as described below). For these shareholders, payment will be made through Caja de Valores S.A. in Argentina.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">The Company will deduct from
the dividend payment the proportionate value of any amount of Personal Asset Tax paid by the Company (pursuant to the unnumbered
section following section 25 of Law No. 23,966, as amended) for fiscal year 2015. Deductions of Personal Asset Tax payments will
not apply to shareholders who did not own shares or ADRs on December 31, 2015 and to those who have reimbursed the Company the
amount related to such tax obligations.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">As well and if applicable,
from the dividend to be paid, Telecom Argentina will deduct 10% of the amount distributed as Income Tax as provided in the last
paragraph of Article 90 of Law 20,628 and amendments, incorporated by law 26,893.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">Due to the time required to
determine which non-ADR holders are subject to the referred taxes, the effective date of the dividend distribution through Caja
de Valores S.A. will be made within 10 days of the payment date, in accordance with the time period established in Article 90 of
the Buenos Aires Stock Exchange Listing Rules.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">Finally, the Board of Directors
resolved the withdrawal and distribution as a second cash dividend payment during the month of <B>August 2016</B> of the amount
of <B>P$ 1,300,000,000</B> that will be made available to shareholders during such month of <B>August 2016</B>, in the date to
be determined by the Management of the Company</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; color: gray"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: gray">****</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: gray">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">Telecom Argentina is the parent
company of a leading telecommunications group in Argentina, where it offers, either itself or through its controlled subsidiaries
local and long distance fixed-line telephony, cellular, data transmission and Internet services, among other services. Additionally,
through a controlled subsidiary, the Telecom Group offers cellular services in Paraguay. The Company commenced operations on November
8, 1990, upon the Argentine government&rsquo;s transfer of the telecommunications system in the northern region of Argentina.</P>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 42%; font-size: 10pt; text-align: justify"><IMG SRC="image_001.gif" ALT="" STYLE="height: 216px; width: 315px">&nbsp;</td>
    <TD STYLE="width: 58%">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">Nortel Inversora S.A. (&acute;Nortel&acute;),
        which acquired the majority of the Company from the Argentine government, holds 54.74% of Telecom Argentina'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.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">As of April 29, 2016, Telecom
        Argentina continued to have 984,380,978 shares issued and 969,159,605 shares outstanding.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 212.65pt; text-align: justify; text-indent: -212.65pt; color: gray">For
more information, please contact Investor Relations:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 212.65pt; text-align: justify; text-indent: -212.65pt; color: gray">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 17%; text-align: center; vertical-align: middle">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Pedro Insussarry</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">(5411) 4968 3743</P>
</td>
    <TD STYLE="width: 24%; text-align: center; vertical-align: middle">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Solange Barthe Dennin</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">(5411) 4968 3752</P>
</td>
    <TD STYLE="text-align: center; width: 19%; vertical-align: middle">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 15.3pt 0pt 0; color: gray">Luis F. Rial Ubago</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 15.3pt 0pt 0; color: gray"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 15.3pt 0pt 0; color: gray">(5411) 4968 3718</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 15.3pt 0pt 0; color: gray"></P></td>
    <TD STYLE="text-align: center; width: 20%; vertical-align: middle">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Ruth Fuhrmann</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">(5411) 4968 4448</P>
</td>
    <TD STYLE="text-align: center; width: 20%; vertical-align: middle">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">Antonella Papaleo</P>

        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: gray">(5411) 4968 6236</P>
</td></tr>
</table>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">Voice Mail: (5411) 4968 3628</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">Fax: (5411) 4968 3616</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: gray">E-mail: </FONT><FONT STYLE="color: #3366FF">relinver@ta.telecom.com.ar</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">For information about Telecom
Group services, visit:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF">www.telecom.com.ar&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF">www.personal.com.ar</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF">www.personal.com.py&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF">www.arnet.com.ar</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #3366FF">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray"><U>Disclaimer</U></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">This document may contain statements
that could constitute forward-looking statements, including, but not limited to, the Company&rsquo;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&rsquo;s future financial performance. Forward-looking statements may be identified by words such
as &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo; &ldquo;should,&rdquo;
&ldquo;seeks,&rdquo; &ldquo;estimates,&rdquo; &ldquo;future&rdquo; or other similar expressions. Forward-looking statements involve
risks and uncertainties that could significantly affect the Company&rsquo;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&rsquo;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 &ldquo;pesification&rdquo; 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&rsquo;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&rsquo;s business or to reflect the occurrence of unanticipated events. Readers are encouraged
to consult the Company&rsquo;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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: gray">&nbsp;</P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR CLEAR="ALL">
</P>

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<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-bottom: 0pt; text-align: center"><B>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>Telecom Argentina S.A. </B></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>Date:</TD>
    <TD>April 29, 2016</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Pedro G. Insussarry</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 27%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 30%">Pedro G. Insussarry</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Responsible for Market Relations</TD></TR>
</TABLE>


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