<SEC-DOCUMENT>0000903423-16-001284.txt : 20160929
<SEC-HEADER>0000903423-16-001284.hdr.sgml : 20160929
<ACCEPTANCE-DATETIME>20160929171812
ACCESSION NUMBER:		0000903423-16-001284
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160929
FILED AS OF DATE:		20160929
DATE AS OF CHANGE:		20160929

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:		161910679

	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>telecom6k0929.htm
<TEXT>
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<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 September 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: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: none; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Form 20-F<U> </U></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>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Form 40-F<U> </U></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; vertical-align: bottom">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
<P STYLE="font: 10pt 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: none; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Yes<U> </U></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; vertical-align: bottom">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">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: none; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Yes<U> </U></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; vertical-align: bottom">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">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">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: none; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">Yes<U> </U></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; vertical-align: bottom">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">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>

<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>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif"><I>1.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><I>English translation of a letter submitted to the Comisi&oacute;n
Nacional de Valores (CNV) dated September 27, 2016.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif"><I>2.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><I>English translation of Telecom Argentina S.A. Board Of Directors
Meeting No. 342, held on September 27, 2016.</I></FONT></TD></TR></TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 11pt"><B><U>FREE
        TRANSLATION</U></B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Buenos Aires, September 27, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chairman of the Comisi&oacute;n Nacional de Valores</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 0.25in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B><U>RE.: <I>Telecom
Argentina S.A. &ndash; Relevant matter - Mandatory Public Tender Offer</I></U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I am writing to you as Chairman of&nbsp;<B>Telecom
Argentina S.A.</B>&nbsp;(&lsquo;Telecom Argentina&rsquo; or the &lsquo;Company&rsquo;).</P>

<P STYLE="font: 10pt 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: justify">We hereby inform that on September 15, 2016,
Fintech Telecom, LLC, Fintech Advisory Inc. and Mr. David Mart&iacute;nez launched in the United States of America a Mandatory
Public Tender Offer to acquire the American Depositary Shares (ADSs) represented by American Depositary Receipts (ADRs) and Class
B shares of the Company registered with the US Securities and Exchange Commission (&lsquo;SEC&rsquo;), (the &lsquo;US Offer&rsquo;).</P>

<P STYLE="font: 10pt 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: justify">The US Offer is being simultaneously conducted
with the Mandatory Public Tender Offer announced by Fintech Telecom, LLC in Argentina, which was authorized in its formal aspects
by the Argentine Securities &amp; Exchange Commission (&lsquo;Comisi&oacute;n Nacional de Valores&rsquo;) on September 6, 2016
(the Mandatory Public Tender Offer or the &rsquo;OPA&rsquo;).</P>

<P STYLE="font: 10pt 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: justify">Both in the OPA and in the US Offer, the only
consideration to be paid for each Class B share of the Company is the one that was made public in the CNV&acute;s and the SEC&rsquo;s
web sites on September 14<SUP>th</SUP> and 15<SUP>th</SUP>, respectively.</P>

<P STYLE="font: 10pt 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: justify">Regarding the US Offer, Telecom Argentina&acute;s
Board of Directors, on its meeting held today, resolved to: 1) State that the price offered and the procedures foreseen for its
acceptance are fair; 2) Approve the report of the Board of Directors, maintaining the recommendation made by the Board of Directors
on March 28<SUP>th</SUP> 2016 regarding the OPA.</P>

<P STYLE="font: 10pt 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: justify">Sincerely,</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 30%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mariano M. Iba&ntilde;ez,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Chairman</B></FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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

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




<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></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>BOARD OF DIRECTORS MEETING No. 342</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&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 27, 2016,
at <FONT STYLE="background-color: white">11 </FONT>a.m., the undersigned Members of the Board of Directors and Members of the Supervisory
Committee met at the corporate headquarters of <B>TELECOM ARGENTINA S.A.</B> <I>(&#8216;&#8216;<U>Telecom Argentina</U>&#8217;</I>
or the <I>&#8216;&#8216;<U>Company</U>&#8217;</I>), Avda. Alicia Moreau de Justo 50. Due to the circumstantial absence of regular
members Gerardo Werthein, David Manuel Mart&iacute;nez and Alejandro Macfarlane, alternate members Eduardo Federico Bauer, Baruki
Luis Alberto Gonz&aacute;lez and Ignacio Villaroel attended the meeting. Also in attendance were the CEO of the Telecom Argentina
Group, Mr. Germ&aacute;n H. Vidal; the CFO, Mr. Ignacio Cruz Moran; the COO, Mr. Roberto D. Nobile, and the Board Secretary, Ms.
Mar&iacute;a Delia Carrera Sala.</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 accordance with the provisions of section
10 of the Corporate Bylaws, regular director Pedro Chomnalez took part in the meeting remotely, connected with the rest of Board
Members and Supervisory Committee Members by videoconference, from Paris, France. Therefore, his attendance was counted for quorum,
as required by the abovementioned provision of the Bylaws.</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 presided by the Chairman of
the Board, Mr. Mariano Marcelo Ib&aacute;&ntilde;ez, who, having determined a quorum, submitted for the consideration of Board
Members and Supervisory Committee Members the first and only item on the agenda:</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial Negrita,serif; text-transform: uppercase"><B><U>TENDER OFFER ANNOUNCED
BY Fintech Telecom, LLC, FINTECH ADVISORY INC. AND DAVID MARTINEZ on the </U></B></FONT><B><U><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">AMerican
Depositary Shares (ADS) and class b shares of the company in the united states of america. filings to be made with the Securities
and Exchange commission.</FONT></U></B></TD></TR></TABLE>

<P STYLE="font: 12pt Arial Negrita,serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">The Chairman took the floor and reported
that, as is publicly known, on September 15, 2016, Fintech Telecom, LLC , Fintech Advisory Inc. and Mr. David Mart&iacute;nez (the
&#8216;<U>Bidders</U>&#8217;) launched in the United States of America a Mandatory Public Tender Offer to acquire the American
Depositary Shares (ADSs) represented by American Depositary Receipts (ADRs) and Class B shares of the Company registered with the
US Securities and Exchange Commission (&#8216;<U>SEC</U>&#8217;), a tender offer that will be referred to in this meeting as the
&#8216;<U>US Offer</U>&#8217;, as per the definition contained in the documentation submitted in the USA. The US Offer is being
simultaneously conducted with the Mandatory Public Tender Offer announced by Fintech Telecom, LLC in Argentina and authorized in
its formal aspects by the Argentine Securities &amp; Exchange Commission (<I>Comisi&oacute;n Nacional de Valores</I>) on September
6, 2016 (referred to as &#8216;<U>OPA</U>&#8217; as per the Spanish acronym).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">In this regard, the regulations that govern
the US Offer in the United States of America require that within 10 days of its launch the Company should submit to the SEC a Recommendation
of Tender Offer through a Schedule and/or a &#8216;Transaction Statement&#8217; contained in a Schedule, which shall specify the
position of the Company&#8217;s Board about the US Offer. The US Offer and the related documentation was filed by the Bidders with
the SEC on September 15, 2016. Furthermore, the Company&#8217;s Administration, Finance and Control Department (&#8216;<U>DAFC</U>&#8217;)
has been working with legal counsel to prepare the documentation that the Company is required to submit to the SEC.</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 terms of the US Offer are considered and
the Board adopted unanimously, based on computable votes (with the abstentions of Mr. Mariano M. Iba&ntilde;ez and L.A. Gonz&aacute;lez
due to their relationship with the Bidders), the following resolutions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.4pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">State that the price offered
by the Bidders in the US Offer and the procedures foreseen for its acceptance are fair; </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.4pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">Approve the report of
the Board of Directors and its recommendation on the US Offer transcribed below; and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&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 STYLE="width: 18pt"></TD><TD STYLE="width: 17.4pt">(iii)</TD><TD STYLE="text-align: justify">Delegate on the Company&#8217;s DAFC the preparation and filing with the SEC of the required Schedules,
reflecting the statements and recommendation of the Board on the US Offer.</TD></TR></TABLE>

<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"><B><I>&nbsp;</I></B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial Negrita,serif; text-transform: uppercase"><B><U>TENDER
OFFER ANNOUNCED BY </U></B></FONT><B><U><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">FINTECH
TELECOM, LLC, FINTECH ADVISORY INC. AND DAVID MART&Iacute;NEZ </FONT></U></B><B><U><FONT STYLE="font-family: Arial Negrita,serif; text-transform: uppercase">on
the </FONT></U></B><B><U><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">AMerican Depositary
Shares (ADS) and class b shares of the company in the united states of america. </FONT></U></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>In accordance with the provisions set forth
by Rule 14E and related provisions of the US Exchange Act, the Board of Directors of Telecom Argentina S.A. (hereinafter, &#8216;<U>Telecom
Argentina</U>&#8217; or &#8216;<U>the Company</U>&#8217;) issues the following report about the fairness of the price offered and
of the procedures followed for the US Offer (&#8216;<U>US Offer</U>&#8217;) launched on September 15, 2016 by Fintech Telecom,
LLC, Fintech Advisory, Inc. and Mr. David Mart&iacute;nez (jointly referred to as &#8216;<U>the Bidders</U>&#8217;) on the American
Depositary Shares (<U>ADSs</U>) represented by American Depositary Receipts (<U>ADRs</U>), and Class B Shares of common stock of
the Company registered with the US Securities and Exchange Commission (&#8216;<U>SEC</U>&#8217;).</I></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>The terms and conditions of the US Offer
that the Company&#8217;s Board of Directors took into account to issue this Report are those specified in the documentation that
was submitted by Fintech Telecom, LLC, Fintech Advisory, Inc. and Mr. David Mart&iacute;nez to the SEC, which is publicly available
on the SEC website. </I></P>

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


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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>As duly reported to the control authorities
and the markets, on November 14, 2013, Telecom Italia S.p.A and Telecom Italia International N.V. (hereinafter, the &#8216;Telecom
Italia Group&#8217;) announced the acceptance of an offer from Fintech Telecom, LLC for the acquisition of the controlling stake
held by the Telecom Italia Group in Sofora Telecomunicaciones S.A. (&#8216;<U>Sofora</U>&#8217;) and indirectly in Nortel Inversora
S.A., Telecom Argentina S.A., Telecom Personal S.A., and the rest of the Company&#8217;s subsidiaries, which was amended on October
24, 2014 and instrumented through a stock purchase agreement (the &#8216;<U>Stock Purchase Agreement</U>&#8217;). The acquisition
of the controlling stake in the Company under said Stock Purchase Agreement was subject to the approval of the telecommunications
regulatory entity, formerly, Secretar&iacute;a de Comunicaciones de la Naci&oacute;n, subsequently, Autoridad Federal de Tecnolog&iacute;as
de la Informaci&oacute;n y las Comunicaciones (&#8216;<U>AFTIC</U>&#8217;), and its current successor, Ente Nacional de Comunicaciones
(<U>ENACOM</U>). </I></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>On October 15, 2015, AFTIC rejected the application
for authorization that had been filed for the acquisition of the controlling stake in Sofora under the Stock Purchase Agreement,
through Resolution No. 491/2015. Fintech Telecom, LLC, the Telecom Italia Group, W Argentina de Inversiones S.A., Telecom Argentina
and Telecom Personal S.A. requested the authorities to revise said Resolution. </I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>On February 17, 2016, the Company was notified
of ENACOM Resolution No. 64/2016, partially admitting the request for revision of AFTIC Resolution No. 491/15 that had been filed
among other parties by the Company, and decided to go ahead with an analysis of the transaction for the transfer of Telecom Italia
Group&#8217;s stake in Sofora. On March 7, 2016, ENACOM authorized the acquisition of 51% of Sofora&#8217;s common stock that was
pending under the Stock Purchase Agreement, and on March 8, 2016, the transaction for transferring Telecom Italia Group&#8217;s
51% stake in Sofora to Fintech Telecom, LLC was closed; therefore, Telecom Italia Group ceased to be the indirect controlling shareholder
of the Company. </I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Before approval was granted by ENACOM, on
February 24, 2016, the Company informed Comisi&oacute;n Nacional de Valores (&#8216;CNV&#8217;) and the Buenos Aires Stock Exchange
(&#8216;BCBA&#8217;) that it had received from Fintech Telecom, LLC an announcement that it would submit, subject to certain conditions,
a Mandatory Tender Offer for the acquisition of all Class B common shares of the Company listed on Mercado de Valores de Buenos
Aires S.A. (&#8216;MERVAL&#8217;) (hereinafter, the &#8216;<U>OPA</U>&#8217;). At that time, as sole consideration, Fintech Telecom,
LLC offered to pay a price of Ps. 46 (Argentine Pesos forty-six) per Class B Share of the Company (less cash dividends per share
paid by Telecom Argentina from that date to the date of payment of the Offer Price), payable in pesos, in Argentina. </I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>As regards the abovementioned initial offer,
the Board issued a report, dated March 28, 2016. </I></P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Subsequently, Fintech Telecom, LLC increased
the Offer Price to US$ 3.925 per Class B share, equivalent to US$ 19.625 per ADS (less the dividends effectively paid by the Company
until the date of settlement of the OPA/US Offer). The formal terms of the OPA were approved by the CNV on September 6, 2016, and
Fintech Telecom, LLC published ads to announce the start of the OPA in El Cronista Comercial on September 14, 15 and 16, and of
the US Offer in the Wall Street Journal on September 15, 2016.</I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>For both the OPA and the US Offer, the only
consideration payable per each Class B share will be US$ 3.925 (three dollars and nine hundred and twenty-five thousandths) per
Class B share of common stock of the Company, less any cash dividends per share already paid (or any dividend effectively paid
before the Settlement Date) by the Company. Consequently, the equivalent price per ADS is US$ 19.625 per ADS (the &#8216;<U>Offer
Price</U>&#8217;) less dividends paid, which calculated in US dollars, to date, are as follows: (i) the dividends paid on May&nbsp;13,
2016 of Ps. 0.72 (seventy-two cents) per share equivalent to US$ 0.050 (five cents) per share or US$ 0.251 (two hundred and fifty-one
thousandths) per ADS, using the exchange rate of Ps. 14.40 to US$ 1.00 reported as of the date of payment, and (ii)&nbsp;the dividends
paid on August&nbsp;26, 2016 of Ps. 1.34 (one peso and thirty-four cents) per share, equivalent to US$ 0.088 (eighty-eight thousandths)
per share or US$ 0.441 (four hundred and forty one thousandths) per ADS, using the exchange rate of Ps. 15.20 to US$ 1.00 reported
on the payment date. In Argentina, under the OPA, said price will be paid in Argentine Pesos at the buying exchange rate reported
by Banco de la Naci&oacute;n Argentina for the closing of trading on the date of expiry of the OPA. </I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Both the US Offer and the OPA will be open
during the Offer Receipt Period, which has the same number of business days for both offers. In Argentina, it comprises a General
Term of 21 business days starting on September 15, 2016 and ending on October 14, 2016, and an Additional Term of 5 business days,
in accordance with applicable regulations, starting on October 17, 2016 and ending on Friday, October 21, 2016. In the USA, the
Offer Receipt Period will be from September 15, 2016 to October 21, 2016. </I></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Furthermore, both the US Offer and
the OPA are subject to the same conditions precedent: (i) the acquisition of indirect control of Telecom Argentina by Fintech Telecom,
LLC has not been expressly denied and no prejudicial requirements have been imposed on the Bidder, Telecom Argentina, or their
respective affiliates, by the Argentine Antitrust Agency or by any other Argentine authority, (ii) the OPA or its conduct has not
been partly or totally prevented by any measure issued by an administrative or judicial decision from a competent authority, and
(iii) authorization for the OPA has been obtained from the CNV, considering that the completion of the OPA in Argentina is a prerequisite
to complete the US Offer. </I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>Opinion of the Board of Directors on the
Consideration and Procedures of the US Offer.</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>To issue its opinion, the Board of Directors
took into consideration the following items: </I></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I><U>Premium over Market Price</U>: the
Board considered the historical prices of Class B Shares and ADSs compared to the Offer Price provided by the Bidder. The following
conclusions were drawn: </I></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>The Offer Price for ADSs represents a premium of 10.69% relative
to the closing price of ADSs (US$ 17.73 per ADS) in the New York Stock exchange on February 23, 2016, the last day of trading before
the date of the initial announcement of the OPA due to change of control (February 24, 2016).</I></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif"><I>Additionally, the Offer Price
for ADSs compares reasonably to other historical market prices: it represents a premium of 24.57% over the average closing prices
traded on the New York Stock Exchange during the 30 days prior to the OPA announcement on February&nbsp;24, 2016 (which was US$
15.75 per ADS), a premium of 24.80% over the average closing prices for the 60 days prior to the OPA announcement (which was US$
15.73), and a premium of 22.66% over the closing average price of ADSs for the 90 days prior to the announcement (which was US$
16.00 per ADS). Furthermore, considering weighted averages per trading volume similar results are reached. </I></FONT></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><I>The Offer Price represents
a premium of 29.84% relative to the average closing trading prices of the Class B Shares on the MERVAL for the six months prior
to the announcement of the OPA, which was Ps. 45.95 per Class B Share, according to calculations performed by Quantum Finanzas
S.A, which is equivalent to US$ 3.023 per share, using the exchange rate of Ps.&nbsp;15.20 per U.S.$ 1.00 reported by Banco de
la Naci&oacute;n Argentina on February 23, 2016.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><I>Moreover, the Offer
Price, compares reasonably to other historical market prices for the Class B Shares using the exchange rate of Ps.&nbsp;15.20 per
U.S.$ 1.00 reported by Banco de la Naci&oacute;n Argentina on February 23, 2016. it represents a premium of 27.48% over the average
closing prices on the MERVAL during the 30 days prior to the OPA announcement date of February 24, 2016, a premium of 31.24% over
the closing average trading price for the 60 days prior to the OPA announcement date, and a premium of 28.62% over the average
trading price of Class B shares of common stock for the 90 days prior the abovementioned announcement date. Furthermore, considering
weighted averages per trading volume similar results are reached.</I></FONT></TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><I><U>Quantum Finanzas
S.A. Valuation Report</U>: In this type of transactions, CNV regulations allow the subject company to obtain one valuation opinion
from an independent third party to determine whether the Offer Price is fair. On March 8, 2016, the Board of Directors approved
the preparation by Quantum Finanzas S.A. (&#8216;Quantum&#8217;) of a valuation report in accordance with the provisions in the
applicable regulation. It is inferred from the report issued by Quantum that the range of fair weighted prices contemplated in
its valuation is Ps. 42.5 to 56.7 per share, and the Offer Price per share is higher than said range of fair prices established
by Quantum, considering the buying exchange rate reported by Banco de la Naci&oacute;n Argentina of Ps. 15.20 as of February 23,
2016, the day before the OPA announcement, or Ps. 14.80 for September 13 and 14, 2016, immediately preceding the start of the US
Offer, or Ps. 15.00 as of September 26, 2016, the day before the date of this report. The full text of the report is available
on Form 6-K furnished to the SEC on April 5, 2016. </I></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.75in; text-align: justify; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><I><U>BA Advisors Valuation
Report and Columbus Valuation Report</U>: CNV regulations require that in a tender offer of this type, the Bidder must obtain two
valuation opinions from two independent third&#45;party valuation firms to determine whether the Offer Price is fair under Argentine
law. In March 2016, Fintech Telecom, LLC requested the preparation by Buenos Aires Advisors S.C. (&#8216;<U>BA Advisors</U>&#8217;)
and Columbus MB S.A. (&#8216;<U>Columbus</U>&#8217;) of valuation reports in which said firms should give an opinion. In their
reports, both valuation firms stated that the initial Offer Price of Ps. 46 per share was fair, and the current Offer Price is
higher than the initial Offer Price, taking into account the buying exchange rate as reported by Banco de la Naci&oacute;n Argentina
of Ps. 15.00 as of September 26, 2016. The full text of the reports submitted by the valuation firms is available in Telecom&#8217;s
report furnished to the SEC on April&nbsp;5, 2016.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><I><U>Cash Tender Offer;
Certainty of Offer Value</U>: The consideration will be paid to holders who accept the Offer fully in cash, which allows for certainty
of value in US dollars and immediate liquidity.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><I><U>Likelihood of Consummation</U>:
Neither the US Offer nor the OPA are subject to any financing conditions or minimum tender requirements. Additionally, Bidders
have stated that they have access to the financial resources needed to consummate the Offers; therefore, in light of the above,
it is likely that the US Offer and the OPA will be consummated. </I></FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I>The Board did not take into consideration
the value of the Company&#8217;s liquidation because the Company will continue operating after the completion of the US Offer and
the OPA. </I></P>

<P STYLE="font: 12pt/120% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><I>The Board of
Directors believes that the procedures governing the U.S.&nbsp;Offer are fair to unaffiliated holders of ADSs or shares for the
following reasons:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><I><U>Mandatory and Regulated
Offer</U>: The OPA and consequently the US Offer are caused by an Argentine regulation that requires the Tender Offer to be held
in Argentina if there is a change of indirect control over the Company, and it should be directed to each and everyone of Class
B shareholders, in accordance with a regulated process subject to approval in its formal aspects by the CNV. Such approval was
obtained on September 6, 2016. These regulations require the Bidder and empower the Company&#8217;s Board to obtain separate valuation
reports from independent third party valuation firms to determine whether the Offer Price is fair under Argentine law.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 12pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><I><U>Unconditional Offer</U>:
The obligations of the Bidder under the US Offer and the OPA are not subject to any conditions relating to either the minimum or
maximum number of Class B Shares and/or ADSs tendered or any financing condition. There is no requirement that the majority of
shareholders accept the US Offer or the OPA for it to be completed, therefore each individual shareholder or holder of ADSs can
individually exercise its right to accept the Offer voluntarily. </I></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I>When considering the procedural
aspects for purposes of the US Offer and its own regulations, the Board considered that the CNV Rules require the express approval
of the formal terms of the OPA, and also has power to object to the Offer Price if it does not consider it fair. In accordance
with said Rules, the CNV will especially take into account the decision-making process that sets the price of the offer, in particular,
the previous information and the rationale of said decision, as well as the opinion of independent valuation firms, and the valuations
provided by the shareholders and the favorable opinion of the Company&#8217;s Audit Committee and Supervisory Committee; all of
which has been independently verified by the CNV before granting its express authorization on September 6, 2016. The Board also
considered that the US Offer is not structured in a way that requires the approval of at least the majority of unaffiliated holders,
and believes that the lack of such requirement means that each unaffiliated holder who wishes to take the Offer can do so, regardless
of the opinions of the other holders. In turn, Argentine legislation does not allow subjecting the OPA to a minimum acceptance
by holders. Accordingly, the lack of said minimum requirement for acceptance did not affect the conclusion of the Board, based
on the abovementioned factors about the fairness of the US Offer</I></P>


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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I>both in terms of procedure and
substance, for holders of Class B shares or ADSs of the Company.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Conclusion of the Board</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Taking the abovementioned factors
into consideration, the Company&#8217;s Board believes that the Offer Price is reasonable and fair in terms of applicable standards,
because on the one hand it is higher than the fair price obtained through the valuations made by the independent valuation firms
hired by Fintech Telecom, LLC before the announcement of the OPA, and on the other, it is higher than the price range estimated
as fair by the firm Quantum hired by the Company. </I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>The recommendation of the Company&#8217;s
Board to the shareholders is that while the US Offer and the OPA are available, they should consider the Offer Price as a fair
price basis for the sale of all their respective Class B shares or ADSs, and during the Offer Receipt Period open as from September
15, 2016, their decision to accept or reject the OPA and the US Offer should be based on whether the trading price of the shares
or ADSs, in the volumes that each investor intends to sell at the time, is below or above the Offer Price. </I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>Furthermore, the Board believes that
from a procedural perspective, the formal procedures included in the US Offer and in the OPA are fair, because it is a mandatory
offer for the Bidder and its acceptance is voluntary for the holders of Class B shares or ADSs, and it is generally addressed in
the same terms to all holders of securities directly or indirectly unaffiliated with the Company or the Bidder; furthermore, neither
the OPA nor the US Offer are subject to any financing requirement or the condition of acceptance by a minimum or maximum number
of Class B or ADSs of the Company. </I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>The Board recognizes some aspects that could
be detrimental for the holders of Class B shares or ADSs who accept the US Offer or the OPA, as follows:</I></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I><U>Lack of participation in the Company&#8217;s
future growth or income</U>: Given the nature of the consideration for the US Offer and the OPA as a transaction to be paid fully
in cash, every shareholder and/or holder tendering their securities will be prevented from taking part in any future income or
growth of the Company, and will not receive the benefits of any increase in value, unless they re-purchase the securities.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I>Furthermore, </I></P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.8pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>No Member of the Board or member of
the Senior Management of the Company has Class B shares or ADSs, except for Roberto Nobile (COO) and Alejandro Quiroga L&oacute;pez
(Director of Legal and Regulatory Affairs), who do not intend to offer their securities in the OPA or the US Offer.</I></FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>The Company has not entered into any transaction over Class B
common shares or ADSs in the last 60 days before the launch of the OPA and the US Offer. </I></FONT></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right"><B><I>The Board of Directors</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><I>Buenos Aires, September 27, 2016.</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Members of the Supervisory Committee present
at the meeting expressly certified that Director Pedro Chomnalez attended remotely, communicating by videoconference, and voted
the single item on the Agenda in compliance with the regulations. Furthermore, the Members of the Supervisory Committee certified
that the decisions adopted in the meeting were fully compliant with regulations.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">There being no further business to transact,
the Minutes were drafted, and the meeting was adjourned at 11.20 a.m.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double"><B><U>Signatures:</U></B></FONT><B><U>
<I>Members of the Board of Directors</I></U></B><I>: Mariano Marcelo Ib&aacute;&ntilde;ez</I>; <I>Esteban Gabriel Macek; Pedro
Chomnalez (by videoconference); Carlos Alejandro Harrison; Mart&iacute;n H&eacute;ctor D&#8217;Ambrosio; Pedro Angel Costoya; Dar&iacute;o
Leandro Genua; Eduardo Federico Bauer (replacing Gerardo Werthein); Baruki L. A. Gonz&aacute;lez (replacing David M. Mart&iacute;nez),
and Ignacio Villaroel (replacing Alejandro Macfarlane). <B><U>Members of the Supervisory Committee:</U></B> Pablo Buey Fern&aacute;ndez;
Gerardo Prieto; Ernesto Juan Cassani; Diego Rangugni; Gabriel Andr&eacute;s Carretero.</I></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt"><B>Telecom Argentina S.A.</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">September 29, 2016</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Pedro G. Insussarry</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Pedro G. Insussarry</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Responsible for Market Relations</TD></TR>
<TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




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