<SEC-DOCUMENT>0000903423-16-001291.txt : 20161005
<SEC-HEADER>0000903423-16-001291.hdr.sgml : 20161005
<ACCEPTANCE-DATETIME>20161005170605
ACCESSION NUMBER:		0000903423-16-001291
CONFORMED SUBMISSION TYPE:	SC TO-T/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20161005
DATE AS OF CHANGE:		20161005
GROUP MEMBERS:		DAVID MARTINEZ, FINTECH ADVISORY INC.

SUBJECT COMPANY:	

	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:		SC TO-T/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-49901
		FILM NUMBER:		161923181

	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

SUBJECT COMPANY:	

	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:		SC 13E3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-49901
		FILM NUMBER:		161923182

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fintech Telecom, LLC
		CENTRAL INDEX KEY:			0001616126
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC TO-T/A

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(212) 593-3461

	MAIL ADDRESS:	
		STREET 1:		375 PARK AVENUE
		STREET 2:		SUITE 3804
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC TO-T/A
<SEQUENCE>1
<FILENAME>fintech-sctota3.htm
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington,&nbsp;D.C. 20549</B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>SCHEDULE TO</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>AMENDMENT NO. 3</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>(RULE 14D-100)</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Tender Offer Statement under Section
14(d)(1) or 13(e)(1)<BR>
of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TELECOM
ARGENTINA S.A.</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">(Name of Subject Company (Issuer))</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="text-transform: uppercase"><B>FINTECH
TELECOM, LLC</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>fintech
advisory inc.</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>david
mart&iacute;nez</B></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">(Name of Filing Persons (Offerors))</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Class
B Shares, par value 1 Peso per share and</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>American Depositary Shares, each representing
five Class B Shares</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">(Title of Class of Securities)</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Class
B Shares (ISIN ARP9028N1016)</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>American Depositary Shares (879273209)</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">(CUSIP Number of Class of Securities)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 100%; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Julio R. Rodriguez, Jr.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>c/o Fintech Advisory Inc.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>375 Park Avenue</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10152</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>(212)
        593-4500</B></FONT></P></TD></TR>
<TR>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address and Telephone Number of
        Person</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">Authorized to Receive Notices and Communications</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">on behalf of the Filing Persons)</P></TD></TR>
<TR>
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">With copies to:</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Richard J. Cooper, Esq.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Adam J. Brenneman, Esq.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Cleary, Gottlieb, Steen &amp; Hamilton
        LLP</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>One Liberty Plaza</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10006</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>(212) 225-2000</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>CALCULATION
OF FILING FEE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"></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: 33%"><B>Transaction Valuation<SUP>(1)</sup></b><BR>
US$1,616,962,460.15</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right; vertical-align: bottom"><B>Amount of Filing Fee<SUP>(2)</SUP></B><BR>
US$162,828.12</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9746;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check the box if any part of the fee is offset as
provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing
by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Estimated for purposes of calculating the filing fee pursuant to Rule 0-11(d) only. The Transaction Valuation was calculated
assuming the purchase of all outstanding Class B Shares (including Class B shares underlying the American Depositary Shares), other
than Class B Shares and ADSs owned directly or indirectly by the Filing Person at a purchase price of US$3.925 in cash per Class
B Share. As of December 31, 2015, there were 466,883,425 outstanding Class B Shares (including Class B Shares underlying the American
Depositary Shares), of which 54,918,467 Class B Shares (including Class B Shares underlying the American Depositary Shares) are
owned directly or indirectly by the Filing Person. As a result, this calculation assumes the purchase of 448,797,366 outstanding
Class B Shares (including Class B Shares underlying American Depositary Shares).</TD></TR></TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The amount of the filing fee, calculated in accordance with Rule 0-11(d) of the Securities Exchange Act of 1934, equals 0.0001007
of the transaction valuation.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount Previously Paid:US$162,828.12</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Party: Fintech Telecom, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form or Registration No.:005-49901</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date Filed: July 22, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9744;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check the box if the filing relates solely to preliminary
communications made before the commencement of a tender offer.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">Check the appropriate boxes
below to designate any transactions to which the statement relates:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9746;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">third party tender offer subject to Rule 14d-1.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9744;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuer tender offer subject to 13e-4.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9746;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">going-private transaction subject to Rule 13e-3.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9744;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amendment to Schedule 13D under Rule 13d-2.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the following box if the filing is a final amendment reporting the results of the tender offer: </FONT>&#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt">If applicable, check the appropriate box(es) below
to designate the appropriate rule provision(s) relied upon:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9744;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 13e-4(i) (Cross-Border Issuer Tender Offer)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9746;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Amendment No.
3 (this &ldquo;<U>Amendment</U>&rdquo;) amends and supplements the Tender Offer Statement on a combined Schedule TO and Schedule
13E-3 under cover of Schedule TO originally filed on July 22, 2016 (together with any subsequent amendments and supplements thereto,
the &ldquo;<U>Schedule TO</U>&rdquo;) by FTL, FAI and David Mart&iacute;nez (the &ldquo;<U>Bidders</U>&rdquo;) and relates to the
offer by the Bidders to purchase any and all outstanding Class B shares, par value Ps. 1.00 per share (the &ldquo;<U>Class B Shares</U>&rdquo;),
including Class B Shares represented by American Depositary Shares (&ldquo;<U>ADSs</U>&rdquo;), of Telecom Argentina S.A., a corporation
organized under the laws of the Republic of Argentina (&ldquo;<U>TEO</U>&rdquo;).</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The offer is being
made on the terms and conditions set forth in the offer to purchase dated September 15, 2016 (the &ldquo;<U>U.S. Offer to Purchase</U>&rdquo;)
attached hereto as Exhibit (a)(1)(i) and incorporated herein by reference and in the related documents (which, together with any
amendments or supplements thereto, collectively constitute the &ldquo;<U>U.S. Offer</U>&rdquo;). The U.S. Offer is being made in
conjunction with an offer by the FTL in Argentina for all outstanding Class B Shares (but not ADSs) (the &ldquo;<U>Argentine Offer</U>,&rdquo;
and together with the U.S. Offer, the &ldquo;<U>Offers</U>&rdquo;). The price offered in the Argentine Offer is the same as the
Offer Price in the U.S. Offer, payable in Argentine pesos or, at the election of the holders with U.S. dollar financial accounts,
payable in U.S. dollars in the case of the Argentine Offer. The Bidders do not intend to change the Offer Price and, while the
Offers are open, will not purchase or make any arrangements to purchase Securities, other than pursuant to the Offers. This Schedule
TO is intended solely for holders of Class B Shares that are U.S. residents (under the meaning of Rule 14d-1(d) under the U.S.
Securities Exchange Act of 1934, as amended) and holders of ADSs representing Class B Shares wherever located. The information
set forth in the U.S. Offer to Purchase is incorporated herein by reference with respect to Items 1 through 11 of this Schedule
TO. This Schedule TO is being filed on behalf of the Bidders. As permitted by General Instruction G to Schedule TO, this Schedule
TO also amends the Schedule 13D filed by the FTL, David Mart&iacute;nez, FAI, Sofora Telecomunicaciones S.A. and Nortel Inversora,
S.A. on August 24, 2016, with respect to the Class B Shares.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Amendment is
being filed to amend and supplement Items 1, 4, 11 and 12 as reflected below. Except as otherwise set forth in this Amendment,
the information set forth in the Schedule TO remains unchanged.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Items 1, 4 and 11. Summary Term Sheet;
Terms of the Transaction; Additional Information. </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">Items 1, 4 and 11 of the Schedule TO
are hereby amended and supplemented as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 24.5pt">On October 5, 2016, the Bidders announced
an extension of the expiration of the U.S. Offer until 5:00 p.m., New York City time on October 28, 2016, unless further extended
(the &ldquo;<U>New Expiration Time</U>&rdquo;). <FONT STYLE="font-family: Times New Roman, Times, Serif">The deadline for holders
to submit tax cost certificates in respect of Argentine capital gains tax withholding to the </FONT>U.S. Receiving Agent is 11:59
p.m., New York City time, on October 21, 2016, which is the date that is five business days prior to the New Expiration Time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">The press release announcing the extension
of the U.S. Offer is attached hereto as Exhibit (a)(1)(xiii) and incorporated by reference herein.</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item 12.&#9;Exhibits. </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(i)</TD><TD>Offer to Purchase, dated September 15, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(ii)</TD><TD>U.S. Form of Acceptance for Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(iii)</TD><TD>U.S. Form of Withdrawal for Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(iv)</TD><TD>Form of Letter of Transmittal with respect to the ADSs.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(v)</TD><TD>Form of Letter to Broker for ADSs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(vi)</TD><TD>Form of Letter to Clients for use by Broker for ADSs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(vii)</TD><TD>Form of Letter to Broker for Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(viii)</TD><TD>Form of Letter to Clients for use by Broker for Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(ix)</TD><TD>Notice of Offer to Purchase Shares of Class B Shares Issued by FTL, as made public on February 24, 2016. (English translation)
(incorporated herein by reference to Exhibit 1 of the FTL&rsquo;s pre-commencement communication filing on Schedule TO on February
24, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(x)</TD><TD>Form of summary advertisement published on September 15, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(xi)</TD><TD>Text of Press Release issued by the Bidders on September 15, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(xii)</TD><TD>Notice in Argentina of Mandatory Tender Offer in respect of Class&nbsp;B Shares listed in &ldquo;<I>Mercado de Valores de Buenos
Aires&nbsp;S.A.</I>&rdquo; issued by Telecom Argentina&nbsp;S.A., as made public on September&nbsp;14, 2016 (English translation)
(incorporated herein by reference to Exhibit&nbsp;99.1 of FTL's pre-commencement communication filing on Schedule&nbsp;TO-C on
September&nbsp;14, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(xiii)</TD><TD>Text of Press Release issued by the Bidders on October 5, 2016.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(xiv)</TD><TD>Notice in Argentina of Mandatory Tender Offer in respect of Class&nbsp;B Shares listed in &ldquo;<I>Mercado de Valores de Buenos
Aires&nbsp;S.A.</I>&rdquo; issued by Telecom Argentina&nbsp;S.A., as made public on October 5, 2016 (English translation).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(b)(i)</TD><TD>Amended and Restated Master Financing Agreement, dated as of March 16, 2016, between FIL and FAI (incorporated herein by reference
to Exhibit 14 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(c)(i)</TD><TD>Valuation Report issued by Quantum Finanzas, S.A., an independent firm, dated March 17, 2016 (English translation) (incorporated
herein by reference to Item 4 of TEO&rsquo;s report on Form 6-K furnished to the SEC on April 5, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(c)(ii)</TD><TD>Valuation Report issued by Buenos Aires Advisors, S.C., an independent firm, dated February 23, 2016 (English translation)
(incorporated herein by reference to Item 5 of TEO&rsquo;s report on Form 6-K furnished to the SEC on April 5, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(c)(iii)</TD><TD>Valuation Report issued by Columbus MB, S.A., an independent firm, dated March 9, 2016 (English translation) (incorporated
herein by reference to Item 6 of TEO&rsquo;s report on Form 6-K furnished to the SEC on April 5, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(i)</TD><TD>Amended and Restated Deed of Adherence, dated as of October 24, 2014, among the TI Entities, the FTL and the Werthein Group
(incorporated herein by reference to Exhibit 1 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(ii)</TD><TD>Amended and Restated Drag Waiver Memorandum of Understanding, dated as of October 24, 2014, among W de Argentina &ndash; Inversiones
S.A., Los W S.A., Messrs. Daniel Werthein, Adrian Werthein, Gerardo Werthein and Dario Werthein, and the TI Entities (incorporated
herein by reference to Exhibit 2 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(iii)</TD><TD>Amended and Restated Guaranty, dated as of October 24, 2014, among the FTL and the TI Entities (incorporated herein by reference
to Exhibit 3 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(iv)</TD><TD>Amended and Restated Mutual Shareholder Release, dated as of October 24, 2014, among the TI Entities and the Werthein Group
(incorporated herein by reference to Exhibit 4 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(v)</TD><TD>Amended and Restated Stock Purchase Agreement, dated as of October 24, 2014, among the FTL, the TI Entities and TAR (incorporated
herein by reference to Exhibit 5 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(vi)</TD><TD>Amended and Restated Third Amendment to the Shareholders&rsquo; Agreement, dated as of October 24, 2014, among the TI Entities
and the Werthein Group (incorporated herein by reference to Exhibit 6 of the FTL&rsquo;s report on Schedule 13D furnished to the
SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(vii)</TD><TD>Amended and Restated Transition Services Memorandum of Understanding, dated as of October 24, 2014, among the FTL and the TI
Entities (incorporated herein by reference to Exhibit 7 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March
18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(viii)</TD><TD>Amended and Restated Waiver, dated as of October 24, 2014, among the TI Entities and the Werthein Group, acknowledged by the
FTL (incorporated herein by reference to Exhibit 8 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18,
2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(ix)</TD><TD>Drag Rights Letter Agreement, dated as of October 24, 2014, among the FTL, the TI Entities and the Werthein Group (incorporated
herein by reference to Exhibit 9 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(x)</TD><TD>Note Purchase Agreement, dated as of October 24, 2014, between TII and the FTL (incorporated herein by reference to Exhibit
10 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xi)</TD><TD>Purchase Release, dated as of October 24, 2014, among the TI Entities and the FTL (incorporated herein by reference to Exhibit
11 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xii)</TD><TD>Note Pledge Agreement, dated as of October 29, 2014, among the FTL and the TI Entities (incorporated herein by reference to
Exhibit 12 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xiii)</TD><TD>Replacement Note, dated as of March 8, 2016, issued by TII (incorporated herein by reference to Exhibit 13 of the FTL&rsquo;s
report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xiv)</TD><TD>Amendment No. 1 to the Amended and Restated Transition Services Memorandum of Understanding, dated as of June 8, 2016, among
the TI Entities and the Bidders (incorporated herein by reference to Exhibit&nbsp;(d)(xiv) to FTL's report on Schedule&nbsp;TO
furnished to the SEC on July&nbsp;22, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xv)</TD><TD>Tender Offer Commitment Letter, dated as of August 19, 2016, from Fintech Investments Ltd. to FAI (incorporated herein by reference
to Exhibit&nbsp;(d)(xiv) to FTL's report on Schedule&nbsp;TO furnished to the SEC on August 19, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(f)</TD><TD>Not Applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(g)</TD><TD>None.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(h)</TD><TD>None.</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Item 13. Information Required by Schedule 13E&ndash;3.</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The information set forth in the
U.S. Offer to Purchase is incorporated by reference herein in answer to Items 1 through 16 of Schedule 13E&ndash;3, except to those
items as to which information is specifically provided below.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-indent: -1in"><I>Item 2 to Schedule 13E&ndash;3.
Subject Company Information</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(e)</TD><TD>Prior Public Offerings: None.</TD></TR></TABLE><P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;Item
13 to Schedule 13E-3. Financial Information</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)</TD><TD>TEO&rsquo;s audited consolidated financial statements included in pp. F-1 to F-98 of its annual report on Form 20-F for the
fiscal year ended December 31, 2015 are incorporated herein by reference.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(2)</TD><TD>Financial Information: Not Applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(b)</TD><TD>Pro forma financial information: Not Applicable.</TD></TR></TABLE>
<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><BR>
The financial information incorporated herein by reference may be obtained in the manner described under &ldquo;<I>Where You
Can Find More Information About TEO&rdquo;</I> in &ldquo;THE TENDER OFFER <FONT STYLE="font-family: Symbol">-</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">Section
8. Certain Information About TEO&rdquo; of the U.S. Offer to Purchase.</FONT></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Item 14 to Schedule 13E&ndash;3. Persons/Assets,
Retained, Employed, Compensated or Used.</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(b)</TD><TD>Employees and Corporate Assets: None.</TD></TR></TABLE><P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"></P>


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<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">After due inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Dated: October 5, 2016</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DAVID MART&Iacute;NEZ</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-top: 12pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 4%; padding-top: 12pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/&nbsp;</FONT></TD>
    <TD STYLE="width: 82%; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 12pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">David
    Mart&iacute;nez</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FINTECH ADVISORY, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-top: 12pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 4%; padding-top: 12pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/</FONT></TD>
    <TD STYLE="width: 82%; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 12pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">David
    Mart&iacute;nez</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">David Mart&iacute;nez</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chairman</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FINTECH TELECOM LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-top: 12pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 4%; padding-top: 12pt; line-height: 115%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/</FONT></TD>
    <TD STYLE="width: 82%; padding-top: 12pt; line-height: 115%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Julio
    Rafael Rodriguez, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Julio Rafael Rodriguez, Jr.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 0pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Authorized Signatory</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">

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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: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>EXHIBIT INDEX</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(i)</TD><TD>Offer to Purchase, dated September 15, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(ii)</TD><TD>U.S. Form of Acceptance for Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(iii)</TD><TD>U.S. Form of Withdrawal for Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(iv)</TD><TD>Form of Letter of Transmittal with respect to the ADSs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(v)</TD><TD>Form of Letter to Broker for ADSs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(vi)</TD><TD>Form of Letter to Clients for use by Broker for ADSs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(vii)</TD><TD>Form of Letter to Broker for Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(viii)</TD><TD>Form of Letter to Clients for use by Broker for Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(ix)</TD><TD>Notice of Offer to Purchase Shares of Class B Shares Issued by FTL, as made public on February 24, 2016. (English translation)
(incorporated herein by reference to Exhibit 1 of the FTL&rsquo;s pre-commencement communication filing on Schedule TO on February
24, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(x)</TD><TD>Form of summary advertisement published on September 15, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(xi)</TD><TD>Text of Press Release issued by the Bidders on September 15, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(xii)</TD><TD>Notice in Argentina of Mandatory Tender Offer in respect of Class&nbsp;B Shares listed in &ldquo;<I>Mercado de Valores de Buenos
Aires&nbsp;S.A.</I>&rdquo; issued by Telecom Argentina&nbsp;S.A., as made public on September&nbsp;14, 2016 (English translation)
(incorporated herein by reference to Exhibit&nbsp;99.1 of FTL's pre-commencement communication filing on Schedule&nbsp;TO-C on
September&nbsp;14, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(xiii)</TD><TD>Text of Press Release issued by the Bidders on October 5, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(a)(1)(xiv)</TD><TD>Notice in Argentina of Mandatory Tender Offer in respect of Class&nbsp;B Shares listed in &ldquo;<I>Mercado de Valores de Buenos
Aires&nbsp;S.A.</I>&rdquo; issued by Telecom Argentina&nbsp;S.A., as made public on October 5, 2016 (English translation).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(b)(i)</TD><TD>Amended and Restated Master Financing Agreement, dated as of March 16, 2016, between FIL and FAI (incorporated herein by reference
to Exhibit 14 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(c)(i)</TD><TD>Valuation Report issued by Quantum Finanzas, S.A., an independent firm, dated March 17, 2016 (English translation) (incorporated
herein by reference to Item 4 of TEO&rsquo;s report on Form 6-K furnished to the SEC on April 5, 2016).<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(c)(ii)</TD><TD>Valuation Report issued by Buenos Aires Advisors, S.C., an independent firm, dated February 23, 2016 (English translation)
(incorporated herein by reference to Item 5 of TEO&rsquo;s report on Form 6-K furnished to the SEC on April 5, 2016).<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(c)(iii)</TD><TD>Valuation Report issued by Columbus MB, S.A., an independent firm, dated March 9, 2016 (English translation) (incorporated
herein by reference to Item 6 of TEO&rsquo;s report on Form 6-K furnished to the SEC on April 5, 2016).</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(i)</TD><TD>Amended and Restated Deed of Adherence, dated as of October 24, 2014, among the TI Entities, the FTL and the Werthein Group
(incorporated herein by reference to Exhibit 1 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(ii)</TD><TD>Amended and Restated Drag Waiver Memorandum of Understanding, dated as of October 24, 2014, among W de Argentina &ndash; Inversiones
S.A., Los W S.A., Messrs. Daniel Werthein, Adrian Werthein, Gerardo Werthein and Dario Werthein, and the TI Entities (incorporated
herein by reference to Exhibit 2 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(iii)</TD><TD>Amended and Restated Guaranty, dated as of October 24, 2014, among the FTL and the TI Entities (incorporated herein by reference
to Exhibit 3 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(iv)</TD><TD>Amended and Restated Mutual Shareholder Release, dated as of October 24, 2014, among the TI Entities and the Werthein Group
(incorporated herein by reference to Exhibit 4 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(v)</TD><TD>Amended and Restated Stock Purchase Agreement, dated as of October 24, 2014, among the FTL, the TI Entities and TAR (incorporated
herein by reference to Exhibit 5 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(vi)</TD><TD>Amended and Restated Third Amendment to the Shareholders&rsquo; Agreement, dated as of October 24, 2014, among the TI Entities
and the Werthein Group (incorporated herein by reference to Exhibit 6 of the FTL&rsquo;s report on Schedule 13D furnished to the
SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(vii)</TD><TD>Amended and Restated Transition Services Memorandum of Understanding, dated as of October 24, 2014, among the FTL and the TI
Entities (incorporated herein by reference to Exhibit 7 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March
18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(viii)</TD><TD>Amended and Restated Waiver, dated as of October 24, 2014, among the TI Entities and the Werthein Group, acknowledged by the
FTL (incorporated herein by reference to Exhibit 8 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18,
2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(ix)</TD><TD>Drag Rights Letter Agreement, dated as of October 24, 2014, among the FTL, the TI Entities and the Werthein Group (incorporated
herein by reference to Exhibit 9 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(x)</TD><TD>Note Purchase Agreement, dated as of October 24, 2014, between TII and the FTL (incorporated herein by reference to Exhibit
10 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xi)</TD><TD>Purchase Release, dated as of October 24, 2014, among the TI Entities and the FTL (incorporated herein by reference to Exhibit
11 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xii)</TD><TD>Note Pledge Agreement, dated as of October 29, 2014, among the FTL and the TI Entities (incorporated herein by reference to
Exhibit 12 of the FTL&rsquo;s report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xiii)</TD><TD>Replacement Note, dated as of March 8, 2016, issued by TII (incorporated herein by reference to Exhibit 13 of the FTL&rsquo;s
report on Schedule 13D furnished to the SEC on March 18, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xiv)</TD><TD>Amendment No. 1 to the Amended and Restated Transition Services Memorandum of Understanding, dated as of June 8, 2016, among
the TI Entities and the Bidders (incorporated herein by reference to Exhibit&nbsp;(d)(xiv) to FTL's report on Schedule&nbsp;TO
furnished to the SEC on July&nbsp;22, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(d)(xv)</TD><TD>Tender Offer Commitment Letter, dated as of August 19, 2016, from Fintech Investments Ltd. to FAI (incorporated herein by reference
to Exhibit&nbsp;(d)(xiv) to FTL's report on Schedule&nbsp;TO furnished to the SEC on August 19, 2016).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(f)</TD><TD>Not Applicable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(g)</TD><TD>None.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">(h)</TD><TD>None.</TD></TR></TABLE>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 1in; text-indent: -1in"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: right">Exhibit (a)(1)(xiii)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><B>PRESS RELEASE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>Fintech Telecom and Affiliates Announce
Extension of Tender Offer for Class B Shares and ADSs of Telecom Argentina</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>**********************************************</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>New York, NY, October 5, 2016</B> &#8212;
Fintech Telecom,&nbsp;LLC (&#8220;Fintech Telecom&#8221;), along with its affiliates Fintech Advisory Inc. and David Mart&iacute;nez,
announced today the extension of the expiration of its previously announced all-cash tender offer in the U.S. (the &#8220;U.S.
Offer&#8221;) for all outstanding Class B Shares held by U.S. holders and all outstanding American depositary shares (&#8220;ADSs&#8221;)
of Telecom Argentina S.A. to 5<FONT STYLE="font-family: Times New Roman, Times, Serif">:00 p.m., New York City time, on October
28, 2016 (the &#8220;New Expiration Time&#8221;), unless further extended</FONT>. The U.S. Offer was previously scheduled to expire
at 5<FONT STYLE="font-family: Times New Roman, Times, Serif">:00&nbsp;p.m., New York City time, on </FONT>October 21<FONT STYLE="font-family: Times New Roman, Times, Serif">,
2016. The deadline for holders to submit tax cost certificates in respect of Argentine capital gains tax withholding to </FONT>Computershare
Trust Company, N.A., the U.S. receiving agent for the U.S. Offer (the &#8220;U.S. Receiving Agent&#8221;), is 11:59 p.m., New York
City time, on October 21, 2016, which is the date that is five business days prior to the New Expiration Time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Except for the extension of the Expiration
Time and the deadline for submission of tax cost certificates described in this press release, all other terms and conditions of
the U.S. Offer will remain in full force and effect. The U.S. Receiving Agent has advised Fintech Telecom that, as of 5:00 p.m.,
New York City time, on October 5, 2016, no Class B Shares or ADSs have been validly tendered pursuant to the U.S. Offer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The expiration of the simultaneous offer by
Fintech Telecom in Argentina (the &#8220;Argentine Offer&#8221;), in accordance with the tender offer rules of the Republic of
Argentina, to purchase all outstanding Class B Shares of Telecom Argentina not owned by Fintech Telecom or its affiliates has been
extended to 1:00 p.m., Buenos Aires time, on October 28, 2016. The Argentine Offer was previously scheduled to expire at 1:00 p.m.,
Buenos Aires time, on October 21, 2016.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><U>Additional Information </U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt">This press release is for informational
purposes only and does not constitute an offer to buy or a solicitation of an offer to sell any securities of TEO. Complete terms
and conditions of the U.S. Offer are set forth in the U.S. Offer to Purchase, Letter of Transmittal and other related materials
that were filed by the Bidders with the SEC on September 15, 2016. Copies of the U.S. Offer to Purchase, Letter of Transmittal
and other related materials are available free of charge from D.F.&nbsp;King&nbsp;&amp;&nbsp;Co., Inc., the U.S. information agent
for the U.S. Offer, toll free at (866)&nbsp;721-1211, or for bankers and brokers, at (212) 269-5550 or via email at <U>teco@dfking.com</U>.
The receiving agent in the U.S. for purposes of the U.S. Offer is Computershare, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt"><U>For further information please contact: </U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Julio R. Rodriguez, Jr.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Fintech Telecom, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">375 Park Avenue, 38th Floor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New York, New York 10152</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Telephone: (212) 593-4500</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 4.5pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">Exhibit (a)(1)(xiv)</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>within the Republic of Argentina</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FINTECH TELECOM LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANDATORY TENDER OFFER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>in respect of</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CLASS B COMMON SHARES</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&#8220;Mercado de Valores de Buenos Aires
S.A.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>This mandatory tender offer has been approved by the board of directors of the Argentine Securities Commission (<I>Comisi&oacute;n Nacional de Valores)</I> (&#8220;CNV&#8221;), on September 6, 2016. This authorization only means that all information requirements of the CNV have been duly complied with. The CNV has not rendered any opinion on the information contained in the Argentine Prospectus.</B></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">This announcement supplements the announcements
published in <I>El Cronista Comercial</I> on February 24, 25 and 26, 2016, and on September 14, 15 and 16, 2016, in respect of
this mandatory tender offer on all common Class B shares issued by Telecom Argentina S.A. (&#8220;Telecom Argentina&#8221;), free
of any liens or restrictions thereon, which are not directly or indirectly owned by Fintech Telecom LLC, and which are listed in
the Argentine <I>Mercado de Valores de Buenos Aires S.A.</I> (&#8220;OPA&#8221;).</P>

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Non Institutional Shareholders who wish
to elect to receive the Offer Price in a United States Dollar account must instruct accordingly their respective depositants, or
agents appointed by them to submit their acceptance of the OPA through the &#8220;MERVAl Proceedings &#8221;, so that they may
carry out such decision.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Neither the OPA Agent nor the Bidder
are responsible for the establishment or maintenance of any US Dollar accounts with any Argentine or foreign financial entities
selected by Institutional Shareholders, Non Institutional Shareholders or their relevant depositors, custodians or agents. The
foregoing method of payment in United States</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Dollars is subject to any applicable
foreign exchange regulations and the proceedings established by MERVAL, as may be amended from time to time during the term of
the OPA.</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Copies of the Prospectus, Addenda and any other
document related to the OPA may be obtained from Franc&eacute;s Inversiones, telephone number: 0800-666-4600, or at the OPA Agent&#8217;s
office located at Reconquista 199, mezzanine, from 10:00 A.M. to 03:00 P.M., and also at: www.cnv.gob.ar, through the following
link: <I>&#8220;Informaci&oacute;n Financiera / Emisoras / Telecom Argentina S.A. / Hechos Relevantes&#8221;</I> The information
contained herein is a summary of certain terms and conditions of the OPA; shareholders shall refer to the documentation mentioned
above in order to be informed of the complete terms and conditions of the OPA. All information contained herein is subject to the
complete terms and conditions detailed in the Prospectus and its Addenda. Capitalized terms used but not otherwise expressly defined
herein shall have the meanings assigned to them in the Prospectus or its Addenda, as applicable.</P>

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

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

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


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