<SEC-DOCUMENT>0000903423-16-001201.txt : 20160810
<SEC-HEADER>0000903423-16-001201.hdr.sgml : 20160810
<ACCEPTANCE-DATETIME>20160809203434
ACCESSION NUMBER:		0000903423-16-001201
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160809
FILED AS OF DATE:		20160810
DATE AS OF CHANGE:		20160809

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:		161819718

	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>telecom6k0809.htm
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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 Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">For the month of August 2016</P>

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

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

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

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

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Telecom Argentina S.A. </B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">(Translation of registrant&#8217;s name into
English)</P>

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

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

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

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

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 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: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD>
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    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 40-F<U> </U></FONT></TD>
    <TD STYLE="width: 14%">
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</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 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: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes<U> </U></FONT></TD>
    <TD STYLE="width: 14%">
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    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 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: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes<U> </U></FONT></TD>
    <TD STYLE="width: 14%">
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    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 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: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes<U> </U></FONT></TD>
    <TD STYLE="width: 14%">
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    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">If &#8220;Yes&#8221; is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): <U> N/A</U></P>


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

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">TABLE OF CONTENTS</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>Item</U></B></P>

<P STYLE="font: bold 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0.5in"><B><I><U>Press Release
dated August 9, 2016 titled &#8220;Telecom Argentina S.A. announces the second payment of dividends for the fiscal year ended on
December 31, 2015</U></I></B></P>

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    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: blue; font: bold 12pt FrutigerBold; margin: 0; text-align: right"><U><IMG SRC="image_022.jpg" ALT="" STYLE="height: 63px; width: 111px"></U></P>

<P STYLE="color: #4576D6; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">For immediate release</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right; color: gray">Market Cap: P$53.2 billion</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right; color: gray">August 9, 2016</P>

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

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

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

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

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

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0 1.15pt 0 0; text-align: center; color: #4576D6">Telecom Argentina
S.A.</P>

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0 1.15pt 0 0; text-align: center; color: #4576D6">announces the second
payment of dividends for the fiscal year ended on December 31, 2015</P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0 1.15pt 0 0; text-align: center; color: #3366FF"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #818181"><I>Buenos Aires, August 9,
2016</I> - Telecom Argentina S.A. (&#8220;Telecom Argentina&#8221; or the &#8220;Company&#8221;) (BASE: TECO2, NYSE: TEO), one
of Argentina's leading telecommunications groups, announced today that the Management of the Company, in accordance to the powers
delegated by the Board of Directors in its meeting held on April 29, 2016, resolved that the distribution of the second payment
of cash dividends to Shareholders for the amount of <B>P$ 1,300,000,000 </B>will start on <B>August 26, 2016</B>.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: gray">The amount to be
distributed is equivalent to </FONT><FONT STYLE="color: #818181">134.14% of the outstanding capital and the nominal value of its
representative shares</FONT><FONT STYLE="color: gray"> or <B>P$1.341368329 per outstanding share in circulation or P$6.71 per ADR</B>,
prior to Personal Asset Tax deductions - if applicable- as described below. Dividends will not be paid to nor reserved for Treasury
shares.</FONT></P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">For <B>ADR holders</B>,
the <B>Record Date </B>of this second dividend payment is<B> August 25, 2016</B> and the <B>Payment Date</B> is<B> September 2,
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/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">For <B>non-ADR holders</B>,
the <B>Record Date</B> of this second dividend payment is also <B>August 25, 2016</B> and payment will be available as from <B>August
26, 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/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="background-color: yellow">&nbsp;</FONT></P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 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/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">Due to the time required
to determine which non-ADR holders are subject to the referred tax, 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/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; color: gray">****</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>


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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 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&#8217;s transfer of the telecommunications system in the northern region of Argentina.</P>

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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-align: left; color: gray"><IMG SRC="image_024.gif" ALT="" STYLE="float: left"></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: left; color: gray">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: left; 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: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; color: gray">As of August 9, 2016,
Telecom Argentina continued to have 984,380,978 shares issued and 969,159,605 shares outstanding.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; text-indent: -27pt; color: gray">&nbsp;</P>

<P STYLE="font: 8pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0pt; color: gray">For
more information, please contact Investor Relations:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">Pedro Insussarry</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">(5411) 4968 3743</P></TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">Solange Barthe Dennin</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">(5411) 4968 3752</P></TD>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 15.3pt 0 0; color: gray">Luis F. Rial Ubago</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 15.3pt 0 0; color: gray">(5411) 4968 3718</P></TD>
    <TD STYLE="vertical-align: top; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">Ruth Fuhrmann</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">(5411) 4968 4448</P></TD>
    <TD STYLE="vertical-align: top; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">Antonella Papaleo</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">(5411) 4968 6236</P></TD></TR>
</TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.25in; text-align: justify; color: gray">This document may contain
statements that could constitute forward-looking statements, including, but not limited to, the Company&#8217;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&#8217;s future financial performance. Forward-looking statements may be identified
by words such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221;
&#8220;should,&#8221; &#8220;seeks,&#8221; &#8220;estimates,&#8221; &#8220;future&#8221; or other similar expressions. Forward-looking
statements involve risks and uncertainties that could significantly affect the Company&#8217;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&#8217;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 &#8220;pesification&#8221; 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&#8217;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&#8217;s business or to reflect the
occurrence of unanticipated events. Readers are encouraged to consult the Company&#8217;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: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; color: gray"><B>****</B></P>


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0">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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 0%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 0%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"><B>Telecom Argentina S.A.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Date: August 9, 2016</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1pt; border-bottom: black 0.75pt solid">/s/ Pedro G. Insussarry</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Pedro G. Insussarry</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">Responsible for Market Relations</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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


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