<SEC-DOCUMENT>0000903423-17-000124.txt : 20170217
<SEC-HEADER>0000903423-17-000124.hdr.sgml : 20170217
<ACCEPTANCE-DATETIME>20170216182308
ACCESSION NUMBER:		0000903423-17-000124
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170216
FILED AS OF DATE:		20170217
DATE AS OF CHANGE:		20170216

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:		17619251

	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>telecom6k1-0216.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">For the month of February 2017</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&rsquo;s name into
English)</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Alicia Moreau de Justo, No. 50, 1107</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Buenos Aires, Argentina</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 20-F</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-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
</TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
</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-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">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: underline; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
</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-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Indicate by check mark whether by furnishing
the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" 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-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">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 &ldquo;Yes&rdquo; is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): <U>N/A</U></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;English
translation of letter dated February 16, 2017 to the Argentine Securities &amp; Exchange Commission (Comisi&oacute;n Nacional de
Valores)</U></I></B></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;<IMG SRC="image_029.jpg" ALT=""></B></P>

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Buenos Aires, February 16, 2017</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Chairman of the Comision Nacional de Valores</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Lic. Marcos Ayerra</U></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Dear Sirs,</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I><U>RE.: Acceptance of the resignation
of Alternate Director</U></I></B></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I am writing you as Chairman of <B>Telecom Argentina
S.A. (&ldquo;Telecom Argentina&rdquo; or the Company)</B> with the aim of informing the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">According to the note
submitted on February 2, 2017, Mr. Bernardo Saravia Fr&iacute;as presented his resignation as Alternate Director of the Company
due to his designation to hold office in the public function.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The Board of Directors
of Telecom Argentina on its meeting held today, considered and accepted the resignation of Mr. Saravia Fr&iacute;as.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">As the Board of Directors
has an adequate number of alternate members, it was resolved that there is no need to adopt any resolution for the replacement
of the resigning Director, until the next Shareholder&rsquo;s Meeting is held.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Sincerely,</P>

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Mariano Ib&aacute;&ntilde;ez</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Chairman</I></B></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">February 16, 2017</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Pedro G. Insussarry</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">Pedro G. Insussarry</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Responsible for Market Relations</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B></B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_029.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_029.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ /0!Z P$1  (1 0,1 ?_$ +X    & @,!
M       &!P@)"@,$ @4+ 0$!  $% 0$!              8! @,%!P@$"1
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MSHQ0*D^\;>R]D*E0+S.N'[M)4P )D+#DFP3*ZH%^P<S5,?YNB*NG[B7[Q/\
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MQI"\0I7&JS9^X45(8C8IBJ',8!W,.B)*/^W1P#__ !)Q._PGX+_0#%O^#_\
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ME4 5%/W9V0;^RHY3.0?V"F[?JU[@Y?\ *W3.D*=E=<)3)MR+(%SSF&(A'*<
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M(@8!*.^X=!WUP/O2WF3.&6>-H/#:O7DF=*GR_%DN#Y9Q!&Q;.JK(DCRUD ]
MK3IZU;@[E%T5",43" %(J!#=BRF^WV"#^G<0UN[-:S<:QN;]@"(\>I1G5-\9
M:J!_AAWCY3 @;/6J\^>*)D'/5J<25@7?R"CERJ4HK"LLF1,QC_V9$B"4B:)"
MGV* ?)KTMI^OH-.4[9-.S))]XX .S0 ,.$ -^V."\-:XM%VUQ=C.JW/>P,#
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..?_8NF?R7']CQV>U?_]D!

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