<SEC-DOCUMENT>0000903423-16-001249.txt : 20160907
<SEC-HEADER>0000903423-16-001249.hdr.sgml : 20160907
<ACCEPTANCE-DATETIME>20160906195311
ACCESSION NUMBER:		0000903423-16-001249
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160906
FILED AS OF DATE:		20160907
DATE AS OF CHANGE:		20160906

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:		161871964

	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>telecom6k0906.htm
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<P STYLE="font: 14pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 21%; color: black">

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Report of Foreign Private Issuer<BR>
Pursuant to Rule 13a-16 or 15d-16 of the<BR>
Securities Exchange Act of 1934</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>For the month of September, 2016</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Commission File Number: 001-13464</B></P>

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<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Telecom
Argentina S.A.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Translation of Registrant's name into English)</FONT></P>

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<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Alicia Moreau de Justo, No. 50, 1107</B><BR>
<B>Buenos Aires, Argentina</B><BR>
<FONT STYLE="font-size: 10pt; line-height: 115%">(Address of principal executive office)</FONT></P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Form
20-F </FONT>&#9746;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"> &nbsp;&nbsp;Form 40-F&nbsp;
&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-indent: 0.5in">&nbsp;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: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Yes
 &#9744; No </FONT>&#9746;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">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: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Yes
&#9744; No &#9746;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">1.</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: bold 12pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal">English translation of Telecom Argentina S.A.&#8217;s Supervisory Committee Meeting Minute No. 166, filed with the Comisi&oacute;n Nacional de Valores (the Argentine National Securities Commission &#8211;&#8220;CNV&#8221;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">2.</FONT></TD>
    <TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal">English translation of Telecom Argentina S.A.&#8217;s Audit Committee Meeting Minute No. 172, filed with the CNV.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

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

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    <TD STYLE="width: 36px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><IMG SRC="image_006.gif" ALT="">&nbsp;</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>TELECOM ARGENTINA S.A.</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>SUPERVISORY COMMITTEE</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>MEETING MINUTES No. 166</U></B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In Buenos Aires City, on September 2, 2016,
at 1.00 p.m., the undersigned Members of the Supervisory Committee met at the corporate headquarters of <B>TELECOM ARGENTINA S.A.</B>
<I>(&ldquo;<U>Telecom Argentina</U>&rdquo;</I> or the <I>&ldquo;<U>Company&rdquo;</U></I>), Avda. Alicia Moreau de Justo 50.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The meeting was chaired by Pablo A. Buey Fern&aacute;ndez,
who, having determined a quorum, submitted for the consideration of those in attendance the following item on the agenda:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><U>OPINION
OF THE SUPERVISORY COMMITTEE ON THE PRICE OF THE TENDER OFFER FOR THE ACQUISITION OF THE COMPANY&rsquo;S SHARES DUE TO THE CHANGE
OF CONTROL ANNOUNCED BY Fintech Telecom LLC (THE &quot;TENDER OFFER&quot;).</U></B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">Mr. Pablo Buey Fern&aacute;ndez stated
that, as is publicly known, on February 24, 2016, the Company was notified of a Public Tender Offer for the Acquisition of Shares
announced by Fintech Telecom LLC (the &ldquo;Bidder&rdquo;), for an offered price of ARS 46 per share (less cash dividends paid
by the Company from the announcement of the Tender Offer to the date of payment of the offered price). In this regard, it was noted
that the Company distributed dividends on two occasions after the announcement of the Tender Offer: (i) on May 13, 2016, for an
amount of 0.72 (seventy-two cents) per share (equivalent to USD 0.050 (5 cents) per share at the exchange rate of ARS 14.00 per
USD, current as of the date of payment), and (ii) on August 26, 2016, for an amount of ARS 1.34 per share (equivalent to USD 0.088
(eighty-eight thousandths) per share at the exchange rate of ARS 15.20 per USD).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">In accordance with applicable standards,
regarding the offered price of ARS 46 per share, the Bidder presented the opinions of two independent assessment firms (Columbus
MB S.A. and Buenos Aires Advisors S.C.). For its part, the Company retained independent assessment firm Quantum Finanzas S.A.,
to prepare and issue a valuation report on the Company as well as an opinion from the financial perspective on the price offered
by the Bidder.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">Said assessments were considered
by the Company&rsquo;s Board of Directors at its meeting on March 28, 2016. The Board stated that the offered price, of ARS 46
per share, was reasonable and fair under the provisions of applicable regulations. Said opinion, as well as the reports of the
valuation firms, are available to the public on the website of the National Securities Commission (CNV).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify"></P><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><IMG SRC="image_006.gif" ALT="">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">Supervisory Committee Member Gerardo
Prieto stated that at the Board of Directors Meeting of March 28, 2016, at which the Board gave an opinion on the price offered
in the Tender Offer, the five regular members of the Supervisory Committee were present at the time, including himself, and did
not state any objection in connection with the offered price.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">Mr. Buey Fern&aacute;ndez went on
to say that subsequently and on July 22, 2016, the Company was informed of the Bidder&rsquo;s decision to improve the price offered
per share, taking it to the amount of USD 3.925 (less cash dividends already paid by the Company from the announcement of the Tender
Offer to the date of payment of the offered price). Said price of USD 3.925 per share equals (at the exchange rate of ARS 15.20
per USD 1.00 as of August 26, 2016) a price in pesos per share of ARS 59.66, which represents an increase of 29.69% in the price
in pesos as of that date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 0; text-align: justify">After a brief discussion, the members
of the Supervisory Committee, recognizing that the offered price reported on July 22, 2016 is higher than the price originally
offered at the date of announcement of the Tender Offer, stated that they had no objection to the price offered by the Bidder.</P>

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

<P STYLE="font: 12pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There being no further business to transact,
the meeting was adjourned at 1.30 p.m., after reading, adopting and signing these minutes.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; width: 85%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pablo Buey Fern&aacute;ndez</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Chairman</B></P>

</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; text-align: right; vertical-align: bottom"><B>Diego E. Rangugni&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Regular Member&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 35%"><B>Gerardo Prieto<BR>
Regular Member</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: right; vertical-align: bottom"><B>Ernesto Juan Cassani<BR>
Regular Member&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Gabriel Andr&eacute;s Carretero<BR>
Regular Member</B></TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.4pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&#9; &#9;</B></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.4pt">


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: Right">&nbsp;<IMG SRC="image_007.gif" ALT=""></P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>TELECOM ARGENTINA S.A.</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>AUDIT COMMITTEE</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>MEETING MINUTES No. 172</U></B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt"> &#9;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>MEMBERS IN ATTENDANCE:</TD><TD STYLE="text-align: justify">Esteban Macek, Alejandro Macfarlane and Mart&iacute;n H&eacute;ctor D&rsquo;Ambrosio</TD></TR>
                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 177pt">SECRETARY:</TD><TD STYLE="text-align: justify">H&eacute;ctor Daniel Cazzasa</TD></TR>                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>EXTERNAL ADVISOR:</TD><TD STYLE="text-align: justify">Carlos
Fern&aacute;ndez Funes</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>DATE OF MEETING:
</TD><TD STYLE="text-align: justify">September 1, 2016</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>PROCEEDINGS OF MEETING:</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I. AGENDA OF THE MEETING</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Macek presented the Agenda of the meeting,
which had a single item to address, at the request of the National Securities Commission (CNV), as reported by the Legal Representative
of Fintech Telecom LLC.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Macek went on to say that, as the members
of Statutory Audit Committee knew, as a result of the acquisition of indirect control in the Company by Fintech Telecom LLC, the
latter submitted a Public Tender Offer on all Class B shares issued by the Company. In the filings with the CNV to receive authorization
for said Tender Offer, the CNV requested the submission of the opinion of the Company&rsquo;s Audit Committee regarding the price
offered as part of the Tender Offer.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">II. TENDER OFFER &ndash; PRICE AND OPINION OF
THE AUDIT COMMITTEE</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Macek gave the floor to Mr. Cazzasa, the
Secretary of the Committee, to introduce the background information about the mandatory Tender Offer submitted by Fintech Telecom
LLC.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mr. Cazzasa presented said background information
in the following manner:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 22.5pt; text-align: justify; text-indent: -13.5pt">1. On
February 24, 2016, the Company was notified of a Public Tender Offer for the Acquisition of Shares announced by Fintech Telecom
LLC (the &ldquo;Bidder&rdquo;), for an offered price of ARS 46 per share (less cash dividends paid by the Company from the announcement
of the Tender Offer to the date of payment of the offered price). In this regard, it was mentioned that the Company distributed
dividends on two occasions after the announcement of the Tender Offer: (i) on May 13, 2016, for an amount of 0.72 (seventy-two
cents) per share (equivalent to USD 0.050 (5 cents) per</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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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: Right">&nbsp;<IMG SRC="image_007.gif" ALT=""></P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 22.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 22.5pt; text-align: justify">share at the exchange rate of
ARS 14.00 per USD 1.00, current as of the date of payment), and (ii) on August 26, 2016, for an amount of ARS 1.34 per share (equivalent
to USD 0.088 (eighty-eight thousandths) per share at the exchange rate of ARS 15.20 per USD 1.00).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 22.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 22.5pt; text-align: justify; text-indent: -13.5pt">2. In
accordance with applicable law, two independent assessment firms retained by the Bidder (Columbus MB S.A. and Buenos Aires Advisors
S.C.) and one retained by Telecom Argentina S.A. (Quantum Finanzas S.A.) opined on the analysis of the offered price and its fairness.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 22.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 22.5pt; text-align: justify; text-indent: -13.5pt">3. On
March 28, 2016, the Company&rsquo;s Board of Directors issued its opinion on the price offered by the Bidder as part of the Tender
Offer, and stated it was reasonable. The terms of the Tender Offer, the reports of the valuation firms, and the opinion of the
Board are disclosed to the public and available on the website of the National Securities Commission (CNV) and were therefore not
included herein.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 22.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2.45pt 0 22.5pt; text-align: justify; text-indent: -13.5pt">4. Subsequently,
on July 22, 2016, the Company was informed of the Bidder&rsquo;s decision to modify the price offered per share, taking it to the
amount of USD 3.925 (less cash dividends already paid by the Company from the announcement of the Tender Offer to the date of payment
of the offered price).</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">After a discussion, the Audit Committee determined
that the price reported to the Company on July 22, 2016 is higher than the price originally offered by the Bidder at the date of
submission of the Tender Offer. Therefore, based on the abovementioned information and considerations, the members of the Audit
Committee stated that they had no objection regarding the price offered by the Bidder.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There being no further business to transact,
the meeting was adjourned, and it was proposed that the date of the following meeting be duly communicated by the Secretary of
the Statutory Audit Committee.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(Signatures and seals)</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Mart&iacute;n D&rsquo;Ambrosio &ndash; Alejandro
Macfarlane &ndash; Esteban G. Macek.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P><!-- Field: Page; Sequence: 6 -->
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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>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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"><B>Telecom Argentina S.A.</B></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">Date: September 6, 2016</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 Times New Roman, Times, 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">Pedro G. Insussarry</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">Responsible for Market Relations</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


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