<SEC-DOCUMENT>0000903423-16-001288.txt : 20161005
<SEC-HEADER>0000903423-16-001288.hdr.sgml : 20161005
<ACCEPTANCE-DATETIME>20161004214319
ACCESSION NUMBER:		0000903423-16-001288
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161004
FILED AS OF DATE:		20161005
DATE AS OF CHANGE:		20161004

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:		161921259

	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>telecom6k1004.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

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

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

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

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

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

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

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

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

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


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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <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: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Telecom Argentina S.A.</B></P>

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

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

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

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

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

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

<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-family: Calibri, Helvetica, Sans-Serif; font-size: 9pt"><B><I>1.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B><I><U>Telecom Argentina S.A. &#8211; Relevant matter - Mandatory
Public Tender Offer</U></I></B></FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36px">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <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 Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right"><IMG SRC="image_027.jpg" ALT="LOGO" STYLE="height: 61px; width: 122px"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Buenos Aires, October 4, 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. &#8211; 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;(&#8216;Telecom Argentina&#8217; or the &#8216;Company&#8217;), regarding the Mandatory Public Tender Offer
as a result of a change of control announced by Fintech Telecom, LLC (&#8216;Fintech&#8217;), for all Class B common shares issued
by Telecom Argentina (the &#8216;OPA&#8217;).</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">In this regard, we inform that today the Company
has received a letter from Fintech notifying:</P>

<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: 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">1)</TD><TD STYLE="text-align: justify">The Addenda to the Prospectus of the OPA that was published last September 14, in the <I>Autopista
de la Informaci&oacute;n Financiera </I>(&#8216;AIF&#8217;) of the Argentine Securities &amp; Exchange Commission (&#8216;Comisi&oacute;n
Nacional de Valores&#8217;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD STYLE="text-align: justify">The publication of a Complementary Announcement to that previously provided on Section 3, item
b.4) of Chapter II, Title III of the rules of the Argentine Securities &amp; Exchange Commission or the&nbsp;<I>Comisi&oacute;n
Nacional de Valores, </I>which was published last September 14, 2016 (The &#8216;Complementary Announcement&#8217;).</TD></TR></TABLE>

<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">Moreover, Fintech attached to its letter the
Addenda to the Prospectus and the Complementary Announcement, informing that the latter will be published in &#8216;<I>El Cronista
Comercial&#8217;</I>&nbsp;newspaper on October 5, 6, 7, 2016.</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 attach a copy of the letter sent
by Fintech and a copy of the Complementary Announcement.</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 Addenda to the Prospectus is available
on http://www.cnv.gov.ar.</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>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <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 Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Buenos Aires, October 4, 2016</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">&nbsp;</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">Telecom Argentina S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Av. Alicia Moreau de Justo 50</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">C1107AAB &#8211; Ciudad de Buenos Aires</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr <B><I>Mariano M. Iba&ntilde;ez</I></B>,
Chairman of the Board of Telecom Argentina S.A</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">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>RE: Addenda to the Prospectus and Complementary Announcement
of the Mandatory Public Tender Offer to Purchase S<FONT STYLE="line-height: 115%">hares (the &#8216;OPA&#8217;) issued by Telecom
Argentina S.A. </FONT>tendered by Fintech Telecom, LLC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; background-color: white">I am writing
to you as Attorney- in-fact of Fintech Telecom, LLC (&#8216;The <U>Offeror</U>&#8217;) in order to send you:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt">i.</TD><TD STYLE="text-align: justify">the Addenda dated October 4, to the Prospectus dated September 14, 2016 regarding the Mandatory
Public Tender Offer, which incorporates the possibility for any shareholders who wish to accept the OPA to be able to choose to
receive the Offered Price in dollar denominated accounts in Argentine or foreign financial entities, and the extension of 7 calendar
days of the Tender Offer Period; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt">ii.</TD><TD STYLE="text-align: justify">the Complementary Announcement to the ones published in &#8216;<I>El Cronista Comercial&#8217;</I>&nbsp;newspaper
on February 24, 25, 26, 2016 and during September the 14, 15, 16, 2016, in which the modifications made by the Addenda are being
informed. This complementary announcement will be published on October 5, 6, 7, 2016, in the same media as the original announcement
was published.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; background-color: white">We notify the
preceding in order for it to be published as a relevant matter in the <I>&#8216;Autopista de Informaci&oacute;n Financiera&#8217;
</I>of the CNV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; background-color: white">We kindly request
to return a signed copy of this letter as evidence of notification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">Sincerely,</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><B>Attorney-in-fact</B></P>

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

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

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

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <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 Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>SUPPLEMENTAL ANNOUNCEMENT </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>within the Republic of Argentina</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&#8216;Mercado de Valores de Buenos Aires
S.A.&#8217;</I></B></P>

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

<P STYLE="font: 10pt 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: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>This mandatory tender offer has been approved by the board of directors of the Argentine Securities Commission (<I>Comisi&oacute;n Nacional de Valores)</I> (&#8216;CNV&#8217;), on September 6, 2016. This authorization only means that all information requirements of the CNV have been duly complied with. The CNV has not rendered any opinion on the information contained in the Argentine Prospectus.</B></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">This announcement supplements the announcements
published in &#8216;<I>El Cronista Comercial&#8217;</I> on February 24, 25 and 26, 2016, and on September 14, 15 and 16, 2016,
in respect of this mandatory tender offer on all common Class B shares issued by Telecom Argentina S.A. (&#8216;Telecom Argentina&#8217;),
free of any liens or restrictions thereon, which are not directly or indirectly owned by Fintech Telecom LLC, and which are listed
in the Argentine <I>Mercado de Valores de Buenos Aires S.A.</I> (&#8216;OPA&#8217;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The purpose of this supplemental announcement
is to inform that, by an Addenda dated October 4, 2016, to the Prospectus dated September 14, 2016, any shareholders who wish to
accept the OPA will have the option to receive the Offer Price in United States Dollar accounts opened at Argentine or foreign
financial entities, as set forth in the Addenda.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Institutional Shareholders who wish to
elect to receive the Offer Price in a United States Dollar account must state such decision in their respective Form of Acceptance
and instruct their respective depositants accordingly.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Non Institutional Shareholders who wish
to elect to receive the Offer Price in a United States Dollar account must instruct accordingly their respective depositants, or
agents appointed by them to submit their acceptance of the OPA through the &#8216;MERVAL Proceedings&#8217;, so that they may carry
out such decision.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Neither the OPA Agent nor the
Bidder are responsible for the establishment or maintenance of any US Dollar accounts with any Argentine or foreign financial
entities selected by Institutional Shareholders, Non Institutional Shareholders or their relevant depositors, custodians or
agents. The foregoing method of payment in United States Dollars is subject to any applicable foreign exchange regulations
and the proceedings established by MERVAL, as may be amended from time to time during the term of the OPA.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The remaining terms and conditions of
the OPA set forth in the Prospectus dated September 14, 2016 will remain in full force and effect, except that the General Period
is extended for a term of 7 calendar days, so that: (i) the General Period shall end at 03:00 P.M., on October 21, 2015, (ii) the
Additional Period shall end at 01:00 P.M. on October 28, 2016, and (iii) the Settlement Date shall be November 4, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Copies of the Prospectus, Addenda and any other
document related to the OPA may be obtained from Franc&eacute;s Inversiones, telephone number: 0800-666-4600, or at the OPA Agent&#8217;s
office located at Reconquista 199, mezzanine, from 10:00 A.M. to 03:00 P.M., and also at: www.cnv.gob.ar, through the following
link: <I>&#8220;Informaci&oacute;n Financiera / Emisoras / Telecom Argentina S.A. / Hechos Relevantes&#8221;</I> The information
contained herein is a summary of certain terms and conditions of the OPA; shareholders shall refer to the documentation mentioned
above in order to be informed of the complete terms and conditions of the OPA. All information contained herein is subject to the
complete terms and conditions detailed in the Prospectus and its Addenda. Capitalized terms used but not otherwise expressly defined
herein shall have the meanings assigned to them in the Prospectus or its Addenda, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">October 5, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <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 Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</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%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">October 4, 2016</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Pedro G. Insussarry</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">Pedro G. Insussarry</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Responsible for Market Relations</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_027.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_027.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ /0!Z P$1  (1 0,1 ?_$ +X    & @,!
M       &!P@)"@,$ @4+ 0$!  $% 0$!              8! @,%!P@$"1
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MSHQ0*D^\;>R]D*E0+S.N'[M)4P )D+#DFP3*ZH%^P<S5,?YNB*NG[B7[Q/\
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MQI"\0I7&JS9^X45(8C8IBJ',8!W,.B)*/^W1P#__ !)Q._PGX+_0#%O^#_\
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ME4 5%/W9V0;^RHY3.0?V"F[?JU[@Y?\ *W3.D*=E=<)3)MR+(%SSF&(A'*<
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M(@8!*.^X=!WUP/O2WF3.&6>-H/#:O7DF=*GR_%DN#Y9Q!&Q;.JK(DCRUD ]
MK3IZU;@[E%T5",43" %(J!#=BRF^WV"#^G<0UN[-:S<:QN;]@"(\>I1G5-\9
M:J!_AAWCY3 @;/6J\^>*)D'/5J<25@7?R"CERJ4HK"LLF1,QC_V9$B"4B:)"
MGV* ?)KTMI^OH-.4[9-.S))]XX .S0 ,.$ -^V."\-:XM%VUQ=C.JW/>P,#
M.]" <XX\>\N>-/'LIW%54A5%5E1 3'%L8>FP#T$I1Z:S7GF.',+),QX;AMA[
M2L>G.1<LS6N=2@Q!V#VP3ZZ3P'(V% 58<J) (7<RJ8$* [%Z]>NVN;W'F+.S
M83''J(]J[#:.3;I#!X=.UH WIRL!PNK[-(H.2,DQ 0';L$P_[I=16;S JYD8
M9H^A=,H^4MLDP+PS8.GV)48WBW2692@H5(PE_H( (?)_2$H_)K6SM9W"8<-B
MD$GEU9I4.Z(=2,R/'FC) ']U*(@/J"12#_*!M]:V9J:YS#!Q&7Z<%L6Z'LC1
M#*>SZUV)<#T,  !8 8?G'_;Z:Q_,%P^\57Y(LOW?4N*V!:&MO_<"DZ;?L@?]
M1A -/F"X?>*NF:)LCQ#*8HOON-5%=@.R)"#ML >P7;]1M?3(U3<9& ,1%?',
MT!9G,RAOJ1%EN(E3>=YD0:]0$ *9(2B(CZ?((==;65K:L,&S"X#I"TDSE;:Y
MCR>Y CBD,L_!N/<D5_#LFZHB([ 0I1$0Z]0^H=2*AU[X;0'/?ZO:H==N3]$]
MY=+8T]OL3.\D>/X% 7_Y>.<NP )?PQA^?[0; (;AJ96?F9.D/$)C@R.\CVKD
M=]Y$,F3'3#*FN9N$/K3+)#AM.T.>1DXV.<MC(N2*I@FF9,Y!3$>P3&(4VQ>O
MSZZ12Z]D7203->'M,1 P7)#RDKM-W@U5/+>R;E!!V$#&"F<X=9@M,;',*/=%
M'+R/2 K5@]=*@HY8'[2E*F!C["9IW#L4G\P/37GS7MBHYM6ZZT8#9Q="&X@X
MG9OP"];\I=2W*FEML]WS&5D)#C P(@!OCBI*??\ ZY/3^D'W?[_T]/H]/IUR
MN!]</2O0F>7]X>[F]"1#+Q:F(H?Q,J^33]@=O90152[.X?WKE$O=O]>VI)9/
MCLW\D.]'Z;E%-0? 9#\9"$/M)/:2&"@<D_#'0.ZV^R+]-!(GK\I4E5OM[[_+
MK=7;YFS-\?..YA")PB>I:2P_*/@N\,4IF>(?>,#& X%.7B/X=]L/R?\ *O:V
MZ?@_9V^3U[>NH/5BX9OQS.R=7UJ?4GPT!\,).7=E(C^1=_\ )_.]?EW_ %;_
M ":^>5LQCZ5G='=F]"RZN5Z&B(:(AHB&B(:(N)O36.9[JH5P4VVZ]VW]7??]
M6LDJ,./%7MV_9]*PK?A_;'\1[/9M]KW^SMV^7?OZ:H[/'NY_0K9D(8PAQV)&
M[I_E/^%6_._RC?;K^&]GW]^OU;_IUN;-_5\P^$\;+'?LBH5J Z5\0_U@2?B<
MHVET8;M@/%(A $P[^?)C!.'WXC\03L*FT:>T!^X/0P/=Q#;YP#^74AJS=O#/
MQ@.2&\F$>S:HS2?*'B-_IV45&8>[FC#?M@.CBG:?W;YW/_"OF/\ =?/Z_MZA
..?_8NF?R7']CQV>U?_]D!

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