<SEC-DOCUMENT>0000903423-16-001345.txt : 20161110
<SEC-HEADER>0000903423-16-001345.hdr.sgml : 20161110
<ACCEPTANCE-DATETIME>20161110104913
ACCESSION NUMBER:		0000903423-16-001345
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20161110
FILED AS OF DATE:		20161110
DATE AS OF CHANGE:		20161110

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:		161986517

	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>telecom-6k.htm
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<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 November 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">
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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">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>


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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>

<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"><I>1.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><I>Press Release: Telecom Argentina S.A. announces consolidated nine
month period (&lsquo;9M16&rsquo;) and third quarter results for fiscal year 2016 (&lsquo;3Q16&rsquo;)</I></FONT></TD></TR></TABLE>

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

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



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center"><IMG SRC="telecom001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">FOR IMMEDIATE RELEASE</FONT></TD>
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Market Cap P$55.5 billion</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">November 8, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Contacts:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Pedro Insussarry</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Solange Barthe Dennin</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(54 11) 4968-3743/3752</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><B><U>Telecom
Argentina S.A.</U><BR>
announces consolidated nine month period (&lsquo;9M16&rsquo;) and third<BR>
quarter results for fiscal year 2016 (&lsquo;3Q16&rsquo;)*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Consolidated
Revenues amounted to P$38,818 million (+35.8% vs. 9M15); Fixed Data +65.3% vs. 9M15; Fixed Internet +32.9% vs. 9M15; and Mobile
business in Argentina +32.2% vs. 9M15.</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mobile
subscribers in Argentina reached 19.9 million in 9M16 (+0.5 million vs. 9M15).</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mobile
Value Added Services in Argentina (Internet and Data): +30.4% vs. 9M15; 62.1% of Service Revenues.</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Mobile
ARPU in Argentina increased to P$108.2 per month in 9M16 (+21.8% vs. 9M15).</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>ADSL
ARPU increased to P$260.4 per month in 9M16 (+30.7% vs. 9M15); monthly churn reached 1.5% in 9M16.</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Consolidated
Operating costs -including D&amp;A and Results on disposal and write-down of PP&amp;E- totaled P$33,329 million (+38.0% vs. 9M15).</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Operating
Income Before Depreciation and Amortization reached P$10,208 million (+33.2% vs. 9M15), 26.3% of consolidated revenues, with an
improvement in margin in 3Q16 vs. 3Q15.</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net
Income amounted to P$2,495 million (-10.2% vs. 9M15). Net Income attributable to Telecom Argentina amounted to P$2,471 million
(-10.4% vs. 9M15), with a better trend with respect to 1H16 (-11.8% vs. 1H15). Net Income was influenced by higher depreciation
and amortization costs due to higher capex.</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Capex
increased to P$7,699 million in 9M16 (+69.8% vs. 9M15, excluding the spectrum payment executed in 2Q15), equivalent to 19.8% of
Consolidated Revenues.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: Black; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD><TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net
Financial Debt: P$7,157 million, an increase of P$5,571 million vs. 9M15, after Telecom Argentina&acute;s cash dividend distribution
during 2016 and higher payments of capex and spectrum.</B></FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 97%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 3%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #002063">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>As of September,
    30</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #002063">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B><I>(in million P$,
    except where noted)</I></B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>2016</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>2015</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>&Delta; $</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>&Delta; %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Consolidated Revenues</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">38,818</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">28,590</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">10,228</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">35.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Mobile Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">27,928</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">20,866</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">7,062</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">33.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Fixed Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">10,890</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">7,724</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">3,166</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">41.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Operating Income before D&amp;A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">10,208</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">7,664</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2,544</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">33.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Operating Income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">5,523</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">4,459</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">1,064</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">23.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Net Income attributable to Telecom Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2,471</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2,757</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(286)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">-10.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Shareholders&rsquo; equity attributable to Telecom
    Argentina</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">17,843</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">16,318</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">1,525</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">9.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Net Financial Position - (Debt) / Cash</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(7,157)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(1,586)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(5,571)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">CAPEX (excluding spectrum)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">7,699</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">4,535</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">3,164</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">69.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Fixed lines in service (in thousand lines)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">3,946</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">4,054</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(108)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">-2.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Mobile customers (in thousand)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">22,433</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">21,974</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">459</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Personal (Argentina)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">19,901</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">19,444</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">457</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">N&uacute;cleo (Paraguay) -including Wimax customers
    -</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2,532</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2,530</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Broadband accesses (in thousand)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">1,800</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">1,804</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(4)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">-0.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Average Billing per user (ARBU) Fixed Telephony
    / voice (in P$)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">93.1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">64.8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">28.3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">43.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Average Revenue per user (ARPU) Mobile Services
    in Arg. (in P$)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">108.2</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">88.8</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">19.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">21.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Average Revenue per user (ARPU) ADSL (in P$)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">260.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">199.3</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">61.1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">30.7%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*Unaudited
non financial data</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><IMG SRC="telecom001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5A79BD"><I>Buenos
Aires, November 8, 2016</I></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">- Telecom Argentina (&lsquo;Telecom&rsquo;)
- (NYSE: TEO; BASE: TECO2), one of Argentina&rsquo;s leading telecommunications companies, announced today a Net Income of P$2,495
million for the nine month period ended September 30, 2016, or -10.2% when compared to 9M15. Net income attributable to Telecom
Argentina amounted to P$2,471 million (-10.4% vs. 9M15).&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 10%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #002063">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>9M16</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>9M15</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>&Delta; $</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: white"><B>&Delta;%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Consolidated Revenues (MMP$)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">38,818</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">28,590</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">10,228</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">35.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Net Income attributable to Telecom Argentina(MMP$)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2,471</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2,757</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(286)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(10.4%)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Earnings attributable to Telecom per Share (P$)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2.5</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">2.8</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(0.3)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Earnings attributable to Telecom per ADR (P$)</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">12.7</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">14.2</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">(1.5)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Operating Income before D&amp;A *</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">26.3%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">26.8%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Operating Income *</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">14.2%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">15.6%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">Net Income*</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">6.4%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">9.7%</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">*As a percentage of Consolidated Revenues</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="9"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: Black">&nbsp;Note: The average of ordinary
    shares outstanding amounted to 969,159,605.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
9M16, Consolidated Revenues increased by 35.8% to P$38,818 million (+P$10,228 million vs. 9M15), mainly fueled by the Fixed Data
and Broadband businesses and Mobile Services. Moreover, Operating Income reached P$5,523 million (+P$1,064 million or +23.9% vs.
9M15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5A79BD"><U>Consolidated
Operating Revenues</U></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5A79BD"><I>Mobile
Services</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of September 30, 2016 clients with mobile services amounted to 22.4 million vs. 22.0 million as of 9M15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Third
parties Revenues amounted to P$27,928 million (+33.8% vs. 9M15) as a result of the commercial strategy that promotes the consumption
of value added services (&lsquo;VAS&rsquo;) through a wide offer of 4G Smartphones together with data plans suitable to clients&rsquo;
needs.</FONT></P>

</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>
<BR CLEAR="ALL"><BR>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5A79BD"><I>Telecom
Personal in Argentina</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of September 30, 2016, Personal reached 19.9 million subscribers in Argentina vs. 19.4 million in 9M15, where postpaid clients
represented 33% of the subscriber base.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In
9M16, third parties Revenues reached P$25,946 million (+P$6,315 million or +32.2% vs. 9M15) while Service Revenues (excluding
sales of equipment and devices) amounted to P$20,297 million (+25.6% vs. 9M15), with 62.1% corresponding to VAS revenues (vs.
59.8% in 9M15). VAS revenues amounted to P$12,600 million (+30.4% vs. 9M15). Moreover, handset sales reached P$5,649 million,
an increase of +62.9% vs. 9M15, equivalent to 21.8% of total revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Due
to a higher consumption of VAS, the average monthly revenue per user (&lsquo;ARPU&rsquo;) amounted to P$108.2 during 9M16 (+21.8
% vs. 9M15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5A79BD"><I>Commercial
Initiatives</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
3Q16, Personal continued promoting the evolution of services with the deployment of its network and infrastructure according with
4G/LTE technology,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5A79BD"><B>Mobile
Customers &amp; Revenues in Argentina (in billion P$)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Black"><IMG SRC="telecom002.jpg" ALT="(BAR GRAPH)"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<BR CLEAR="ALL"><BR>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><IMG SRC="telecom001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black">&nbsp;</P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">reaching
600 locations, including all 23 capital cities and the AMBA region, with more than 4.3 million subscribers actively using the
technology. Additionally, new functions that allow improvements in the voice and data services were incorporated. Among them,
the 3G HD voice service in a national scale for calls between Personal clients that have technically suitable devices to use this
functionality, thus improving substantially the call experience.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Moreover,
with the aim of evolving the 4G technology and maximizing its customer experience, Personal incorporated to its device offer a
selection of handsets for P$2,199, for all the packs and payable in 12 monthly installments. This proposal is included in the
&lsquo;Access to Mobile Internet&rsquo; program, coordinated with the Ministry of Communications. Additionally, and because of
the Children&rsquo;s day, Personal presented a wide dedicated offer with special benefits and financing plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Regarding
the strategy associated to alliances in innovation and differential content to its &lsquo;Play&rsquo; platform, Personal added
new qualified contents as Disney movies in the Video section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Meanwhile,
as part of its strategy associated with Sports, Personal accompanied as official sponsor the Argentine Olympic Delegation in the
Olympic Games in R&iacute;o 2016. Moreover, Personal added exclusive contents to its Personal Play Sports site together with a
special data offer to those who travelled to the Olympic Games. Moreover, Personal accompanied the National male Basketball team
tour and presented for the fifth consecutive year the &lsquo;Personal Rugby Championship&rsquo; with benefits to clients in matches
where &lsquo;<I>Los Pumas</I>&rsquo;, the National Rugby team, played in Argentina and in London.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5A79BD"><B>Mobile
consumption of Telecom Personal in Argentina</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Black"><IMG SRC="telecom003.jpg" ALT="(BAR CHART)">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(*)
Includes reestimation of consumption of minutes and SMS per client </I></FONT></P>

</DIV>
<BR CLEAR="ALL"><BR>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5A79BD"><I>Telecom
Personal in Paraguay (&lsquo;N&uacute;cleo&rsquo;)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of September 30, 2016, N&uacute;cleo&rsquo;s subscriber base surpassed 2.5 million clients. Prepaid and postpaid customers represented
81% and 19%, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">N&uacute;cleo
generated revenues from third parties equivalent to P$1,982 million during 9M16 (+60.5% vs. 9M15). VAS revenues amounted to P$1,026
million (+68.8% vs. 9M15) representing 58.1% of 9M16 service revenues (vs. 53.9% in 9M15). The evolution of N&uacute;cleo&rsquo;s
sales measured in pesos was influenced by the appreciation of the Guarani respect to the Peso.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5A79BD"><I>Fixed
Services (Voice, Data &amp; Internet)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">During
9M16, revenues generated by fixed services amounted to P$10,890 million, +41.0% vs. 9M15; with Data revenues (+65.3% vs. 9M15)
and Internet (+32.9% vs. 9M15) growing the most in the segment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5A79BD"><I>Voice
</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total
service revenues reached P$4,328 million in 9M16 (+39.0% vs. 9M15). This increase combines price increases in the corporate segment
as well as in the retail segment, which became effective as of May 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5A79BD"><B>Lines
in service &amp; Fixed Voice Revenues (in billion P$)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Black"><IMG SRC="telecom004.jpg" ALT="(BAR CHART)">&nbsp;</P>

</DIV>
<BR CLEAR="ALL"><BR>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><IMG SRC="telecom001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black">&nbsp;</P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
a result, the average monthly revenue billed per user (&lsquo;ARBU&rsquo;) reached P$93.1 in 9M16, +43.7% vs. 9M15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Revenues
generated by measured services totaled P$1,524 million, an increase of P$209 million or +15.9% vs. 9M15 mainly due to a higher
penetration of flat rate packs of local and national long distance calls.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Monthly
charges and supplementary services reached P$1,736 million, an increase of P$744 million or +75.0% vs. 9M15 due to the above mentioned
price increases in the corporate and retail segments. The customer base remained relatively stable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fixed
and mobile interconnection revenues amounted to P$620 million (+28.1% vs. 9M15). Meanwhile, other revenues totaled P$448 million
(+39.1% vs. 9M15). Both revenue lines were affected by price increases related to the FX variation as these services are denominated
in foreign currency.</FONT></P>

</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<BR CLEAR="ALL"><BR>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt; color: #5A79BD"><I>Data
and Internet</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Data
service revenues (services mainly offered to Corporate segment and Government) amounted to P$2,133 million (+P$843 million or
+65.3% vs. 9M15), gaining weight over total revenues of the fixed service and strengthening the position of Telecom as an integrated
ICT provider. This increase was mainly due to the FX rate variations that affected those contracts that are adjusted by the $/U$S
exchange rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">With
the aim of being an integral provider of solutions to the business segment, Telecom has implemented a solution called &lsquo;Tienda
Soluciones&rsquo;, allowing professionals to choose online services for their businesses such as productivity solutions, security
and entertainment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Internet
Service revenues totaled P$4,351 million (+P$1,078 million or +32.9% vs. 9M15), mainly due to a commercial offer with higher speeds,
where 6Mb and 10Mb (<I>ultra broadband</I> or <I>UBB</I>) leads the clients&rsquo; preference. In addition, 10Mb or UBB subscriber
base reached 33% of the customer base vs. 25% in 9M15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As
of September 30, 2016, the subscriber base continued at 1.8 million ADSL accesses representing 45.6% of Telecom&rsquo;s fixed
lines in service. In addition, ADSL ARPU reached P$260.4 in 9M16, +30.7% when compared to 9M15 while the monthly <I>churn</I>
rate resulted in 1.5% in 9M16 vs. 1.4% in 9M15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: #5A79BD"><U>Consolidated
Operating Costs</U></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consolidated
Operating Costs totaled P$33,329 million in 9M16, an increase of P$9,183 million, or +38.0% vs. 9M15 (including &lsquo;Results
on disposal and write-down of PP&amp;E&rsquo; that resulted in a loss of P$200 million in 9M16 vs. a loss of P$51 million in 9M15).
This increase in costs is mainly due to higher sales, the high competition in mobile and Internet business, the effects of higher
direct and indirect labor costs in the cost structure, the increase in fees for services related to the suppliers&rsquo; price
adjustment, and the increase in cost of handsets sold, among other costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD"></P>
<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5A79BD"><B>Broadband
Acceses &amp; Revenues </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Black"><IMG SRC="telecom005.jpg" ALT="(BAR CHART)"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #5A79BD">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5A79BD"><B>Consolidated
Costs % Revenues</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Black"><IMG SRC="telecom006.jpg" ALT="(BAR CHART)"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(*)
Includes results on disposal of PP&amp;E andwrite-down of PP&amp;E</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<BR CLEAR="ALL"><BR>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 8pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: left; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><IMG SRC="telecom001.jpg" ALT="(GRUPO TELECOM LOGO)"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black">&nbsp;</P>

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
cost breakdown is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Employee benefit expenses and severance payments totaled P$7,213 million (+36.3% vs. 9M15), mainly affected by increases in salaries
to unionized as well as non-unionized employees together with the social security contributions associated to the new collective
bargaining agreement set as of 3Q16. Total employees at the end of the period amounted to 16,241.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Interconnection costs and other telecommunication charges (including TLRD, Roaming, Interconnection, international settlement
charges and lease of circuits) amounted to P$1,954 million, +25.3% vs. 9M15. This increase resulted from higher costs related
to TLRD and roaming.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Fees for services, maintenance, materials and supplies amounted to P$3,580 million (+25.2% vs. 9M15), mainly due to costs&rsquo;
increases in technical maintenance and systems licenses, higher costs related to the search of new sites and storage expenses.
In addition increases in maintenance and fees for services costs due to higher costs recognized to suppliers were evidenced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Taxes and fees with regulatory authorities reached P$3,799 million (+33.7% vs. 9M15), impacted mainly by higher revenues as well
as higher bank debit and credit taxes related to collection flows and suppliers payments and dividends paid during 9M16 vs. 9M15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Commissions (Commissions paid to agents, prepaid card commissions and others) totaled P$2,795 million (+27.3% vs. 9M15), as a
result of the increase in commissions paid to commercial channels as well as collection fees, both associated to the increase
in handset sales. Agent commissions capitalized as SAC amounted to P$1,046 million (+33.9% vs. 9M15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Cost of handsets sold totaled P$4,631 million (+65.9% vs. 9M15), due to handsets sales with higher costs unit prices. Deferred
costs from SAC amounted to P$94 million (+42.4% vs. 9M15).</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<BR CLEAR="ALL">
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Advertising amounted to P$548 million (-P$43 million vs. 9M15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Depreciation and Amortization reached P$4,485 million (+42.2% vs. 9M15). PP&amp;E depreciation amounted to P$3,087 million (+42.6%
vs. 9M15) resulting from the incorporation of assets related to the investment plan that the Group has been executing; amortization
of SAC and service connection costs totaled P$1,087 million (+48.3% vs. 9M15) meanwhile, amortization of 3G/4G licenses amounted
P$289 million (+27.3% vs. 9M15) and amortization of other intangible assets reached P$22 million (-24.1% vs. 9M15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-
Other Costs totaled P$4,124 million (+46.7% vs. 9M15). This increase was mainly due to VAS costs that totaled P$1,142 million
(+25.5% vs. 9M15), related to the increase of sales of those services. Bad debt expenses reached P$844 million (+105.9% vs. 9M15)
mainly influenced by the financing plans for the sale of handsets in the mobile business. Bad debt expenses represented 2.5% of
consolidated costs and 2.2% of consolidated revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #5A79BD"><B>D&amp;A
(in billion P$) </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Black"><IMG SRC="telecom007.jpg" ALT="(BAR CHART)"></P>
</DIV>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">&nbsp;<IMG SRC="telecom001.jpg" ALT=""></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt; color: #5978BD"><U>Consolidated
Financial Results</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Net Financial
Results amounted to a loss of P$1,682 million, a loss of P$1,490 million vs. 9M15. This was mainly due to a higher debt position
that generated higher losses in net financial interests of P$1,139 million in 9M16 (-P$884 million vs. 9M15) and losses of FX
results net of NDF instruments for P$748 million in 9M16 (vs. a loss of P$205 million in 9M15) mainly due to the peso depreciation
that occurred in December 2015. Meanwhile, gains on mutual funds and other investments amounted to P$254 million (-P$46 million
vs. 9M15).</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt; color: #5978BD"><U>Consolidated
Net Financial Position</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">As of September
30, 2016, Net Financial Position (Cash, Cash Equivalents and financial Investments minus Loans) resulted in a Debt Position of
P$7,157 million, a variation of P$5,571 million when compared to the Net Financial Position as of September 30, 2015, after the
cash dividend payment of Telecom Argentina for an amount of P$2,000 million distributed in May 2016 (P$700 million) and in August
2016 (P$1,300 million) and higher payments of capex.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt; color: #5978BD"><U>Capital Expenditures</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">During 9M16,
the Company invested P$7,699 million (+69.8% vs. 9M15 without considering the spectrum payment of P$2,256 million occurred in
2Q15). Of this amount, P$2,660 million were allocated to Fixed Services and P$5,039 million to Mobile services, focusing on maximizing
network capacity with the aim of enhancing the customer experience and quality of current and future services. In relative terms,
Capex reached 19.8% of consolidated revenues vs. 15.9% in 9M15 without considering the payment of 4G licenses that was made during
2015.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The main investment
projects are associated to the expansion of Fixed Broadband services, to improve transmission and access speeds offered to clients,
the deployment of coverage and capacity of the 3G and 4G networks to sustain the development of Mobile Internet delivering a better
service quality along with the deployment of innovative Value Added Services. Moreover, transmission and transport networks had
been extended in order to face the growing demand of services that fixed and mobile customers are requiring.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Moreover, in
the mobile segment Personal continued with the deployment of its network and infrastructure with 4G/LTE technology across the
country including all the capital provinces, reaching 74% of the population.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt; color: #5978BD"><U>Relevant Matters</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Second Dividend Payment</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">The Management of the Company, in
accordance to the powers delegated by the Board of Directors in its meeting held on April 29, 2016, resolved that the distribution
of the</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(0,32,99)">
    <TD STYLE="width: 58%; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: White">in million of AR$</FONT></TD><TD STYLE="width: 1%; color: Black; font-weight: bold"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: White">9M15</FONT></TD><TD STYLE="width: 1%; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: White">9M16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; text-align: left">Net Interests</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-$255</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-$1,139</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">Gains on Mutual Funds &amp; other inv.</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">$300</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">$254</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black">FX results net of NDF instruments</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-$205</TD><TD STYLE="color: Black; text-align: left">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-$748</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; border-bottom: Black 1pt solid">Others</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">-$32</TD><TD STYLE="color: Black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right; border-bottom: Black 1pt solid">-$49</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: Black; font-weight: bold; border-bottom: Black 3pt solid">Total</TD><TD STYLE="color: Black; font-weight: bold; border-bottom: Black 3pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right; border-bottom: Black 3pt solid">-$192</TD><TD STYLE="color: Black; font-weight: bold; text-align: left; border-bottom: Black 3pt solid">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right; border-bottom: Black 3pt solid">-$1,682</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #5978BD"><B>Net Financial Debt <BR>
(in billion
P$)</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: Black">&nbsp;<IMG SRC="telecom008.jpg" ALT=""></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: #5978BD"><B>Capex (In billion P$) </B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: Black"><IMG SRC="telecom009.jpg" ALT="">&nbsp;</FONT></P>
</DIV>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">&nbsp;<IMG SRC="telecom001.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">second
payment of cash dividends to Shareholders for the amount of P$ 1,300,000,000 was to start on August 26, 2016.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">The amount distributed was equivalent
to P$1.34 per outstanding share in circulation or P$6.71 per ADR, prior to Personal Asset Tax deductions - if applicable-.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Resolution No. 38/16: Virtual
Mobile Operators Regulation</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Resolution No.
38/16, issued by the Ministry of Communications on May 5, 2016, approved the new Virtual Mobile Operators Regulation (&lsquo;VMO&rsquo;)
and nullified Resolution SC No. 68/14, that had previously approved the Regulation of Virtual Mobile Operators by the former Secretary
of Communications.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The mentioned
Resolution determines that Network Mobile Operators (&lsquo;NMO&rsquo;), which have the spectrum and infrastructure (among them,
Personal), shall present, within 120 days since the date of issuance of the Resolution, a Reference Offer (&lsquo;the RO&rsquo;)
for those interested in providing VMO services.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On September
1, 2016, Personal made a presentation to the Ministry of Communications, with founded reasons to postpone the term for the RO
presentation, until 700MHz included in Lot 8 bands, awarded and paid by Personal, were in conditions and able to be used, and
also when Spectrum included in Lot 1 from the Public Auction performed according to Resolution N&deg; 38/14 is awarded and &lsquo;on-air&rsquo;.
In addition, it was required the elimination of section 10, Annex 1 from the above mentioned Resolution, where it determines that
agreements with the virtual mobile operators in exclusive conditions are forbidden, and it was requested to instruct ENACOM to
perform interference measurements on the 700MHz Band awarded to Personal and inform if it has solved claims executed by previous
occupiers of the Band.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Modification of CPP prices for
mobile services</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On June 14,
2016, Personal informed to ENACOM the new prices that would be effective from May 15, 2016. On August 18, 2016 ENACOM ordered
Personal to abstain from implementing the price adjustment established in Resolution N&deg; 48/03. On August 26, Personal answered
the notification supporting the price increase informed. Personal&rsquo;s Management, following legal counsel, considers that
they have solid reasons to sustain the price increase.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt; color: #5978BD"><U>Other Relevant
Matters</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>International Finance Corporation
Loan</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On July 5, 2016,
Personal accepted a proposal from the International Finance Corporation (IFC, a member of the World Bank Group) for the evaluation
and movement of funds in order to finance investment needs, working capital and debt refinancing.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On October 5,
2016, in the context of the Annual IMF and World Bank meetings in Washington and with the participation of the Ministry of Treasury
and Public Finance of Argentina, Mr. Alfonso Prat Gay, Telecom Personal and the IFC signed a 6 years-financing package for an
amount of U$S400 million for the mobile operator of the Telecom Group.</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>
</DIV>
<BR CLEAR="ALL"><BR>



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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">&nbsp;<IMG SRC="telecom001.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:66%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Telecom Personal Negotiable Notes
Program and Series Issuance</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Ordinary
and Extraordinary Shareholders Meeting of Telecom Personal held on December 2, 2010 approved the creation of a Global Program
of Negotiable Notes for an amount up to U$S500 million or its equivalent in other currencies for the period of five years. On
October 13, 2011 the Argentine National Securities Commission (&lsquo;CNV&rsquo;, Comisi&oacute;n Nacional de Valores) has approved
such Program through Resolution N&deg; 16.670.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">The Ordinary
Shareholders Meeting of Telecom Personal held on May 26, 2016 authorized the extension and increase of the maximum amount of the
Program to U$S1,000 million or its equivalent in other currencies.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">On October 20, 2016 the CNV, approved
the extension and the increase of the maximum amount of the above mentioned Program through Resolution N&deg; 18.277.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">On November
3, 2016 Telecom Personal announced to the investor community that it is offering the Series III of non-convertible Notes, denominated
in pesos at a floating interest rate with a maturity of 18 months from the date of issuance and settlement, and for a total nominal
value of P$500,000,000, and the Series IV of non-convertible Notes, denominated in dollars at a fixed interest rate with a maturity
of 24 months from the date of issuance and settlement, and for a total nominal value of U$S50,000,000. Telecom Personal can increase
the amount of each Series up to a maximum amount of P$1,500,000,000 each.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">Telecom Personal was rated AA + (local
rating) by Fix (Fitch Ratings), highlighting the credit quality and financial strength of the Company.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">The funds will be used to refinance
short term debt, to finance the investment in tangible assets in Argentina and working capital in Argentina.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: Black"><B>********* </B></FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:30%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>
</DIV>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">&nbsp;<IMG SRC="telecom001.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:30%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: #5978BD"><B>Ownership Structure</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;<IMG SRC="telecom010.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>
</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:66%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black">Nortel
Inversora S.A. (&ldquo;Nortel&rdquo;), which acquired the majority of the Company from the Argentine government, holds 54.74%
of Telecom&rsquo;s issued common stock. Nortel is a holding company whose common stock (approximately 78% of capital stock) is
owned by Sofora Telecomunicaciones S.A. Additionally, Nortel capital stock is comprised of preferred shares that are held by minority
shareholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">As of September 30,
2016, Telecom continued to have 984,380,978 shares issued and 969,159,605 shares outstanding.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">For more information,
please contact Investor Relations:</FONT></P>
</DIV>
<BR CLEAR="ALL"><BR>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Pedro Insussarry</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Solange Barthe
    Dennin</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Luis F. Rial
    Ubago</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Ruth Fuhrmann</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Antonella Papaleo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(5411) 4968 3743</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(5411) 4968 3752</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(5411) 4968 3718</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(5411) 4968 4448</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">(5411) 4968 6236</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">Voice Mail: (5411)
4968 3628 <BR>
Fax: (5411) 4968 3616 <BR>
E-mail: <U>relinver@ta.telecom.com.ar</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">For information about
Telecom Group services, visit:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black"><U>www.telecom.com.ar</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black"><U>www.personal.com.ar</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black"><U>www.personal.com.py</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black"><U>www.arnet.com.ar</U></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt; color: Black"><U>Disclaimer</U></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black">This
document may contain statements that could constitute forward-looking statements, including, but not limited to, the Company&rsquo;s
expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and
capital structure; the effects of its debt restructuring process; the impact of emergency laws enacted by the Argentine Government;
and the impact of rate changes and competition on the Company&rsquo;s future financial performance. Forward-looking statements
may be identified by words such as &ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;projects,&rdquo;
&ldquo;intends,&rdquo; &ldquo;should,&rdquo; &ldquo;seeks,&rdquo; &ldquo;estimates,&rdquo; &ldquo;future&rdquo; or other similar
expressions. Forward-looking statements involve risks and uncertainties that could significantly affect the Company&rsquo;s expected
results. The risks and uncertainties include, but are not limited to, the impact of emergency laws enacted by the Argentine government
that have resulted in the repeal of Argentina&rsquo;s Convertibility law, devaluation of the peso, various changes in restrictions
on the ability to exchange pesos into foreign currencies, and currency transfer policy generally, the &ldquo;pesification&rdquo;
of tariffs charged for public services, the elimination of indexes to adjust rates charged for public services and the Executive
branch announcement to renegotiate the terms of the concessions granted to public service providers, including Telecom. Due to
extensive changes in laws and economic and business conditions in Argentina, it is difficult to predict the impact of these changes
on the Company&rsquo;s financial condition. Other factors may include, but are not limited to, the evolution of the economy in
Argentina, growing inflationary pressure and evolution in consumer spending and the outcome of certain legal proceedings. Readers
are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. The Company
undertakes no obligation to release publicly the results of any revisions to forward-looking statements which may be made to reflect
events and circumstances after the date of this press release, including, without limitation, changes in the Company&rsquo;s business
or to reflect the occurrence of unanticipated events. Readers are encouraged to consult the Company&rsquo;s Annual Report on Form
20-F, as well as periodic filings made on Form 6-K, which are filed with or furnished to the United States Securities and Exchange
Commission for further information concerning risks and uncertainties faced by Telecom.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt; color: Black">(Financial tables
follow)</FONT></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: Black">Mariano Marcelo Ib&aacute;&ntilde;ez</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: Black"><U>Chairman</U></FONT></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">&nbsp;<IMG SRC="telecom001.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>TELECOM
ARGENTINA S.A.</I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>Consolidated
information</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>Nine
month period and Third Quarter - Fiscal Year 2016</I></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>(In
million of Argentine pesos)</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B> </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD"><B>1-</B></FONT></TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-decoration: underline; text-align: left">Consolidated Balance Sheet</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: #5978BD">&nbsp;</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">09/30/16</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">12/31/15</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">&Delta;$</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">&Delta;%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 49%; color: Black; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 10%; color: Black; text-align: right">369</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 10%; color: Black; text-align: right">870</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 10%; color: Black; text-align: right">(501)</TD><TD STYLE="width: 2%; color: Black">&nbsp;</TD>
    <TD STYLE="width: 10%; color: Black; text-align: right">-57.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black">Investments</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">780</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,430</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(650)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-45.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Trade receivables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">7,982</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">5,663</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">2,319</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">41.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Other Receivables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,024</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,336</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(312)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-23.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black">Inventories</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">2,243</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">2,193</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">50</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">2.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">Total current assets</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">12,398</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">11,492</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">906</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">7.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Financial Investments</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">67</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">323</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(256)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-79.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Trade receivables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">258</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">481</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(223)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-46.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Property, plant and equipment (&lsquo;PP&amp;E&rsquo;)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">21,993</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">17,963</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">4,030</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">22.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Intangible assets</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">7,576</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">7,659</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(83)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-1.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Other Receivables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">703</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">547</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">156</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">28.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">Total non-current assets</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">30,597</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">26,973</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">3,624</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">13.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">Total Assets</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">42,995</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">38,465</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">4,530</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">11.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Trade payables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">9,728</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">9,873</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(145)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-1.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Deferred revenues</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">451</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">477</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(26)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-5.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Financial debt</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">7,981</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">3,451</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">4,530</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">131.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Salaries and social security payables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,587</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,261</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">326</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">25.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Income tax payables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">595</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">439</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">156</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">35.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Other taxes payables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">916</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,153</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(237)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-20.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Other liabilities</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">55</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">53</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">2</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">3.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black">Provisions</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">250</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">207</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">43</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">20.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">Total current liabilities</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">21,563</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">16,914</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">4,649</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">27.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Trade payables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">25</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">52</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(27)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-51.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Deferred revenues</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">448</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">457</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(9)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-2.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Financial debt</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">392</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,449</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(1,057)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-72.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Salaries and social security payables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">186</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">157</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">29</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">18.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Deferred income tax liabilities</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">524</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">550</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(26)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-4.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Income tax payables</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">7</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">10</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(3)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-30.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Other liabilities</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">137</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">101</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">36</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">35.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black">Provisions</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,334</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,165</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">169</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">14.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">Total non-current liabilities</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">3,053</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">3,941</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">(888)</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">-22.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">TOTAL LIABILITIES</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">24,616</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">20,855</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">3,761</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">18.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Equity attributable to Telecom Argentina (Controlling Company)</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">17,843</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">17,194</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">649</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">3.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Non-controlling interest</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">536</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">416</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">120</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">28.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">TOTAL EQUITY</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">18,379</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">17,610</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">769</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">4.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">TOTAL LIABILITIES AND EQUITY</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">42,995</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">38,465</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">4,530</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">11.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD"><B>2-</B></FONT></TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-decoration: underline; text-align: left">Consolidated Loans</TD><TD STYLE="color: #5978BD">&nbsp;</TD>
    <TD STYLE="color: #5978BD; text-align: right">&nbsp;</TD><TD STYLE="color: #5978BD">&nbsp;</TD>
    <TD STYLE="color: #5978BD; text-align: right">&nbsp;</TD><TD STYLE="color: #5978BD">&nbsp;</TD>
    <TD STYLE="color: #5978BD; text-align: right">&nbsp;</TD><TD STYLE="color: #5978BD">&nbsp;</TD>
    <TD STYLE="color: #5978BD; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: #5978BD">&nbsp;</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">09/30/16</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">12/31/15</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">&Delta;$</TD><TD STYLE="color: #5978BD; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5978BD; font-weight: bold; text-align: right">&Delta;%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Bank overdraft - principal (Personal)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">6,236</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">3,062</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">3,174</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">103.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Bank overdraft - principal (Telecom Argentina)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">16</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&mdash;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">16</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Bank overdraft - principal (N&uacute;cleo)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&mdash;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">84</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(84)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-100.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Banks loans (Personal)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">598</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&mdash;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">598</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Banks loans (Nucleo)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">434</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">193</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">241</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">124.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Notes - principal (Personal)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">566</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&mdash;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">566</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Accrued interest (Personal)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">124</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">104</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">20</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">19.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Accrued interest (N&uacute;cleo)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">7</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">8</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(1)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-12.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">Total Current Loans</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">7,981</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">3,451</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">4,530</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">131.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Notes - principal (Personal)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">147</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">713</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(566)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-79.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Banks loans - principal (Personal)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&mdash;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">509</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(509)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-100.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Banks loans -principal (Nucleo)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">245</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">227</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">18</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">7.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left">Total Non Current Loans</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">392</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">1,449</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">(1,057)</TD><TD STYLE="color: Black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: right">-72.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Loans</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">8,373</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">4,900</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">3,473</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">70.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; text-align: left">Cash and cash equivalents, and Financial Investments</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">1,216</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">2,623</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">(1,407)</TD><TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">-53.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt">Net Financial Position - (Debt)</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">(7,157)</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">(2,277)</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">(4,880)</TD><TD STYLE="color: Black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: Black; font-weight: bold; text-align: right">&mdash;</TD></TR>
</TABLE>




<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 12; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;www.telecom.com.ar</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0; text-align: right"><IMG SRC="telecom001.jpg" ALT="(TELECOM LOGO)">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>TELECOM
ARGENTINA S.A.</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>Consolidated
information</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>Nine
month period and Third Quarter - Fiscal Year 2016</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>(In
million of Argentine pesos)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5978BD"><B>3-</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT>Consolidated
    Income Statements</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/16</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta;$</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta;%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 49%; font: bold 10pt Arial, Helvetica, Sans-Serif;">Revenues</TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">38,818</TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">28,590</TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,228</TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">35.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Other income</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">34</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">19</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">126.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total Revenues &amp; Other Income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">38,852</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">28,605</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,247</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">35.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Consolidated Operating Costs</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(33,329)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(24,146)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(9,183)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">38.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">5,523</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">4,459</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,064</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">23.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Finance results, net</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,682)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(192)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,490)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Net income before income tax expense</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,841</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">4,267</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(426)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-10.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Income tax expense</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,346)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,489)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">143</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-9.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Net income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,495</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,778</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(283)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-10.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Telecom Argentina (Controlling Company)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,471</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,757</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(286)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-10.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Non-controlling interest</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">24</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">21</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">14.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income before D&amp;A</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,208</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">7,664</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,544</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">33.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">As % of Revenues</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26.3%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26.8%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Finance Income and Expenses</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/16</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta;$</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta;%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: left">Finance Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interest on time deposits</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">19</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(19)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-100.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Gains on investments (Notes and Bonds)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">224</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">200</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">24</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">12.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Gains on Mutual Funds</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">100</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(70)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-70.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interest on receivables</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">252</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">133</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">119</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">89.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">TUVES S.A. shares purchase option</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">7</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">7</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Foreign currency exchange gains</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">88</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">85</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total finance income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">601</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">537</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">64</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">11.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; text-align: left">Finance expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interest on financial debt - Personal</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,038)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(257)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(781)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interest on financial debt - Telecom Argentina</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(116)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(116)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interest on financial debt - Nucleo</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(46)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(18)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(28)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">155.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interest on salaries and social security, other taxes and accounts payable</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(25)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(19)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(6)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">31.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interest on Provisions</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(166)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(113)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(53)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">46.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Present value effect of salaries and social security and other taxes payables and other liabilities</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(17)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(14)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Quinquennial financial costs</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(28)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(21)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(7)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">33.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Foreign currency exchange losses</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(836)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(290)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(546)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">188.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(11)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(8)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">37.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Total finance expenses</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,283)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(729)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,554)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,682)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(192)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,490)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5978BD"><B>4-</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">Consolidated
    Income Statements</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">Three Months Comparison</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/16</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta;$</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta;%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Revenues</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,412</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,094</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,318</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">32.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Other income</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">14</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">4</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">10</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total Revenues &amp; Other Income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,426</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,098</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,328</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">33.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Consolidated Operating Costs</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(11,624)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(8,787)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,837)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">32.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,802</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,311</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">491</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">37.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Finance results, net</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(636)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(73)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(563)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Net income before income tax expense</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,166</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,238</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(72)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-5.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Income tax expense</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(408)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(438)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-6.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Net income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">758</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">800</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(42)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-5.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Telecom Argentina (Controlling Company)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">746</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">801</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(55)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-6.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Non-controlling interest</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">12</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income before D&amp;A</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,453</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,529</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">924</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">36.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">As % of Revenues</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25.7%</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25.1%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
</TABLE>


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

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


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

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

<!-- Field: Page; Sequence: 13; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;www.telecom.com.ar</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><IMG SRC="telecom001.jpg" ALT="(TELECOM LOGO)">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>TELECOM
ARGENTINA S.A.</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>Consolidated
information</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>Nine
month period and Third Quarter - Fiscal Year 2016</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>(In
million of Argentine pesos)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5978BD"><B>5-</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">Breakdown
    of the Income Statements</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/16</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta; $</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta; %</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">REVENUES
    FROM SERVICES</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">32,874</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">24,968</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">7,906</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">31.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #5978BD">Fixed Services</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">10,812</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">7,676</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">3,136</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">40.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">4,328</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,113</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,215</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">39.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Retail Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,333</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,379</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">954</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">40.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Monthly Charges</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,736</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">992</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">744</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">75.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Measured Services</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,524</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,315</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">209</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">73</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">72</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Wholesale</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">995</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">734</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">261</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">35.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interconnection (Fixed and Mobile)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">620</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">484</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">136</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">28.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">375</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">250</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">125</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">50.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Data</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,133</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,290</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">843</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">65.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Internet</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">4,351</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,273</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,078</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">32.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #5978BD">Mobiles Sevices</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">22,062</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">17,292</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">4,770</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">27.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left">Telecom Personal</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">20,297</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">16,163</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">4,134</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">25.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">7,697</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">6,504</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,193</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">18.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Retail Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">6,255</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">5,109</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,146</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">22.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Monthly Charges</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,695</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,951</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">744</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Measured Services</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,545</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,443</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">102</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">7.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Roaming</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">204</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">209</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(5)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-2.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">811</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">506</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">305</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">60.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Wholesale</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,442</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,395</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">47</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interconnection (CPP and TLRD)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,168</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,144</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">24</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Roaming</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">212</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">225</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(13)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-5.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">62</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">36</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">138.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Data</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">5,103</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">5,376</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(273)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-5.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Internet</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">7,497</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">4,283</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,214</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">75.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif;"><U>N&uacute;cleo</U></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,765</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,129</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">636</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">56.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">739</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">521</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">218</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">41.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Retail Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">628</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">441</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">187</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">42.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Monthly Charges</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">229</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">174</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">55</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">31.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Measured Services</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">256</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">201</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">55</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">27.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Roaming</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">5</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">62.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">130</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">58</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">72</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">124.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Wholesale</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">111</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">80</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">31</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">38.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interconnection (CPP and TLRD)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">86</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">57</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">29</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">50.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Roaming</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">16</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">18</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-11.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">5</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">4</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">80.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Data</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">321</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">220</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">101</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">45.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Internet</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">705</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">388</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">317</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">81.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">REVENUES
    FROM EQUIPMENT SALES</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">5,944</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">3,622</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">2,322</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">64.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #5978BD">Fixed Services</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">78</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">48</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">30</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">62.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #5978BD">Mobiles Sevices</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">5,866</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">3,574</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">2,292</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">64.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Equipments (Personal)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">5,649</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,468</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,181</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">62.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Equipments (N&uacute;cleo)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">217</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">106</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">111</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">104.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;color: #5978BD"><FONT STYLE="color: #5978BD"><U>REVENUES</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">38,818</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">28,590</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">10,228</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">35.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD"><U>OTHER INCOME</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">34</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">19</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">126.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">Fixed</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">12</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">108.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">Mobile</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">6</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">200.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">TOTAL
    REVENUES &amp; OTHER INCOME</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">38,852</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">28,605</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">10,247</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">35.8%</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 14; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;www.telecom.com.ar</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><IMG SRC="telecom001.jpg" ALT="(TELECOM LOGO)">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>TELECOM
ARGENTINA S.A.</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>Consolidated
information</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>Nine
month period and Third Quarter - Fiscal Year 2016</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>(In
million of Argentine pesos)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5978BD"><B>6-</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">Breakdown
    of the Income Statements</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">Three Months Comparison</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">09/30/16</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">09/30/15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">&Delta; $</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">&Delta; %</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">REVENUES
    FROM SERVICES</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">11,597</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">8,794</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">2,803</FONT></TD><TD STYLE="width: 2%; font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">31.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #5978BD">Fixed Services</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">3,821</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">2,750</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">1,071</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">38.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,577</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,101</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">476</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">43.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Retail Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,241</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">846</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">395</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">46.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Monthly Charges</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">702</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">364</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">338</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">92.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Measured Services</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">514</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">459</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">55</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">12.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">8.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Wholesale</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">336</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">255</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">81</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">31.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interconnection (Fixed and Mobile)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">191</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">170</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">21</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">12.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">145</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">85</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">60</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">70.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Data</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">731</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">451</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">280</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">62.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Internet</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,513</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,198</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">315</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">26.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #5978BD">Mobiles Sevices</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">7,776</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">6,044</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">1,732</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">28.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left">Telecom Personal</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">7,139</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">5,673</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,466</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">25.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,749</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,316</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">433</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">18.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Retail Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,215</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,850</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">365</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">19.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Monthly Charges</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,296</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,121</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">175</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Measured Services</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">530</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">460</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">70</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Roaming</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">41</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">63</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(22)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-34.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">348</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">206</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">142</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">68.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Wholesale</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">534</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">466</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">68</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">14.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interconnection (CPP and TLRD)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">443</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">386</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">57</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">14.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Roaming</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">68</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">71</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-4.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">9</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">14</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">155.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Data</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,563</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,763</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(200)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-11.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Internet</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,827</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,594</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,233</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">77.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif;"><U>N&uacute;cleo</U></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">637</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">371</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">266</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">71.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">262</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">172</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">90</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">52.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Retail Voice</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">223</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">148</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">75</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">50.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Monthly Charges</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">78</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">63</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Measured Services</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">90</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">59</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">31</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">52.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Roaming</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">4</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">33.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">51</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">28</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">121.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Wholesale</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">39</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">24</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">15</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">62.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interconnection (CPP and TLRD)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">19</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">11</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">57.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Roaming</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">6</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">100.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Others</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">50.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Data</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">116</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">72</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">44</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">61.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">Internet</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">259</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">127</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">132</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">103.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">REVENUES
    FROM EQUIPMENT SALES</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">1,815</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">1,300</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">515</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">39.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #5978BD">Fixed Services</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">13</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">25</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">(12)</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">-48.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="color: #5978BD">Mobiles Sevices</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">1,802</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">1,275</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">527</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">41.3%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Equipments (Personal)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,711</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,235</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">476</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">38.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Equipments (N&uacute;cleo)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">91</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">40</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">51</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">127.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;color: #5978BD"><FONT STYLE="color: #5978BD"><U>REVENUES</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">13,412</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">10,094</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">3,318</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">32.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD"><U>OTHER INCOME</U></FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">14</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">4</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">10</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">Fixed</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">11</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">4</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">7</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">175.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">Mobile</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">13,426</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">10,098</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">3,328</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: rgb(89,120,189)">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: rgb(89,120,189)">33.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD"><U>TOTAL REVENUES
    &amp; OTHER INCOME</U></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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

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

<!-- Field: Page; Sequence: 15; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;www.telecom.com.ar</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><IMG SRC="telecom001.jpg" ALT="(TELECOM LOGO)">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>TELECOM
ARGENTINA S.A.</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>Consolidated
information</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>Nine
month period and Third Quarter - Fiscal Year 2016</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>(In
million of Argentine pesos)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5978BD"><B>7-</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">Consolidated
    Income Statements</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/16</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta; $</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta; %</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 49%; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Revenues</TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">38,818</TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">28,590</TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,228</TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">35.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Other income</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">34</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">19</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">126.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total Revenues &amp; Other Income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">38,852</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">28,605</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,247</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">35.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Employee benefit expenses and severance payments</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(7,213)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(5,292)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,921)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">36.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interconnection costs and other telecommunication charges</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,954)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,559)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(395)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Fees for services, maintenance, materials and supplies</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3,580)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,860)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(720)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Taxes and fees with the Regulatory Authority</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3,799)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,841)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(958)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">33.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Commissions</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,795)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,195)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(600)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">27.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Cost of equipments and handsets</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(4,631)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,791)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,840)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">65.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Advertising</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(548)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(591)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">43</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-7.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Cost of Value Added Services</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,142)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(910)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(232)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Provisions</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(106)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(174)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">68</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-39.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Bad debt expenses</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(844)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(410)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(434)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">105.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Other operating expenses</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,032)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,318)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(714)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">54.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Subtotal Operating costs</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(28,644)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(20,941)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(7,703)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">36.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income before D&amp;A</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,208</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">7,664</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,544</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">33.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">D&amp;A</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(4,485)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(3,154)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,331)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">42.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Results on disposal of PP&amp;E and write-down of PP&amp;E</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(200)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(51)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(149)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">5,523</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">4,459</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,064</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">23.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Finance Income</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">601</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">537</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">64</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">11.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Finance Expenses</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,283)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(729)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,554)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Net income before income tax expense</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,841</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">4,267</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(426)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-10.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Income tax expense</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,346)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,489)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">143</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-9.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Net Income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,495</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,778</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(283)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-10.2%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Telecom Argentina (Controlling Company)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,471</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,757</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(286)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-10.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Non-controlling interest</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">24</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">21</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">14.3%</TD></TR>
</TABLE>

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

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

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

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

<!-- Field: Page; Sequence: 16; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right; font: bold 10pt Arial, Helvetica, Sans-Serif">&nbsp;www.telecom.com.ar</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;<IMG SRC="telecom001.jpg" ALT="(TELECOM LOGO)"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>TELECOM
ARGENTINA S.A.</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>Consolidated
information</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B><I>Nine
month period and Third Quarter - Fiscal Year 2016</I></B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: #5978BD"><B>(In
million of Argentine pesos)</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #5978BD"><B>8-</B></FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-decoration: underline; text-align: left;color: #5978BD"><FONT STYLE="color: #5978BD">CONSOLIDATED
    INCOME STATEMENTS</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;"><FONT STYLE="color: #5978BD">Three Months Comparison</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/16</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">09/30/15</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta; $</FONT></TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: #5978BD">&Delta; %</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 49%; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Revenues</TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,412</TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,094</TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,318</TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">32.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Other income</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">14</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">4</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">10</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Total Revenues &amp; Other Income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">13,426</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">10,098</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,328</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">33.0%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Employee benefit expenses and severance payments</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,778)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,034)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(744)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">36.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Interconnection costs and other telecommunication charges</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(624)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(558)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(66)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">11.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Fees for services, maintenance, materials and supplies</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,245)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(991)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(254)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Taxes and fees with the Regulatory Authority</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,305)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(988)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(317)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">32.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Commissions</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(945)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(799)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(146)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">18.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Cost of equipments and handsets</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,548)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,056)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(492)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">46.6%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Advertising</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(177)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(221)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">44</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-19.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Cost of Value Added Services</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(350)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(313)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(37)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">11.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">Provisions</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(25)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(7)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(18)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Bad debt expenses</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(326)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(129)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(197)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">152.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Other operating expenses</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(650)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(473)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(177)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">37.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Subtotal Operating costs</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(9,973)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(7,569)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(2,404)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">31.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income before D&amp;A</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">3,453</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">2,529</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">924</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">36.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">D&amp;A</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,591)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1,164)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(427)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">36.7%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Results on disposal of PP&amp;E and write-down of PP&amp;E</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(60)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(54)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(6)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">11.1%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Operating income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,802</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,311</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">491</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">37.5%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Finance Income</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">129</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">271</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(142)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-52.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Finance Expenses</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(765)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(344)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(421)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">122.4%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left">Net income before income tax expense</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,166</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">1,238</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(72)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-5.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Income tax expense</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(408)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(438)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-6.8%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt">Net Income</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">758</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">800</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">(42)</TD><TD STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: right">-5.3%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Telecom Argentina (Controlling Company)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">746</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">801</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(55)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-6.9%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Non-controlling interest</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">12</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(1)</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif;">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&mdash;</TD></TR>
</TABLE>

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

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

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

<!-- Field: Page; Sequence: 17; Value: 6 -->
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    <!-- Field: /Page -->


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, 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>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt"><B>Telecom Argentina S.A.</B></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">November 10, 2016</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Pedro G. Insussarry</TD>
    <TD>&nbsp;</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">Name:</TD>
    <TD COLSPAN="3" STYLE="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">Title:</TD>
    <TD COLSPAN="3" STYLE="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>



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

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



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<DOCUMENT>
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<SEQUENCE>9
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
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<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
