<SEC-DOCUMENT>0000903423-17-000125.txt : 20170217
<SEC-HEADER>0000903423-17-000125.hdr.sgml : 20170217
<ACCEPTANCE-DATETIME>20170216182342
ACCESSION NUMBER:		0000903423-17-000125
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:		17619256

	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>telecom6k2-0216.htm
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<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

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

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

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

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

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

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

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


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<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 submitted to the Argentine Securities and Exchange Commission (Comisi&oacute;n Nacional de Valores), dated
February 16, 2017: Update of Anti-Fraud Policy.</U></I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_028.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</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.: Update of Anti-Fraud Policy</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. (&#8220;Telecom Argentina&#8221; or the Company)</B>, to inform you that the Board of Directors, in a meeting held today,
has approved the update of the <B>&#8220;Anti-Fraud Policy&#8221;</B> of the Company.</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">We hereby attach a copy of the updated version
of the referred &quot;Anti-Fraud Policy&quot;, document that will be informed to all those working in the Company in order for
them to become aware and commit to its fulfillment.</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>

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

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

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

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

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

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

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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 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>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_028.jpg" ALT=""></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #002060"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #002060"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white; color: #002060"><B>ANTI-FRAUD
POLICY</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white; color: #002060"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/200% Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 42.55pt; text-align: justify; color: #002060"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/200% Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #002060; border-bottom: Black 0.75pt solid"><B>TABLE
OF CONTENTS </B></P>

<P STYLE="font: 11pt/200% Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 42.55pt; text-align: justify; color: #002060"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>COMMITMENT</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>PURPOSE&#9;</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>SCOPE OF APPLICATION</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>PERSONS TO WHOM THIS
POLICY IS DIRECTED</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>DEFINITIONS</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>RELATED RULES, REGULATIONS
AND INTERNAL STANDARDS </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>FRAUD MANAGEMENT ROLES</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>TYPES OF FRAUD AND
IRREGULARITIES</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>9.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>PENALTIES FOR NON- COMPLIANCE</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; color: #002060"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>POLICY APPROVAL</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-align: justify; color: #002060"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_028.jpg" ALT=""></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white; color: #17365D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-transform: uppercase"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>COMMITMENT</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">1.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The Companies of the Telecom
Argentina Group state their commitment to the terms of this Policy, and adhere in all their activities to the values and principles
contained in the Code of Ethics and Conduct, promoting at all times an anti-fraud and anti-corruption culture. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 34pt; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">1.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Every employee is responsible
for applying the guidelines and criteria defined in this Policy and for adhering in all their actions to the values and premises
defined in the Code of Ethics and Conduct. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white; color: #17365D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-transform: uppercase"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PURPOSE</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">2.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The Companies of the Telecom
Argentina Group develop its activities in accordance to the values and principles contained in the Code of Ethics and Conduct,
in the belief that all business should be conducted in an ethical manner, complying with the highest professional standards in
business conduct. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">2.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">This Policy is intended
to set the guidelines to promote a culture of transparency and prevention of any dishonest behavior or fraudulent acts that could
affect the Group&rsquo;s interests. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">2.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The Anti-Fraud Policy
(hereinafter, &ldquo;the Policy&rdquo; or &ldquo;this Policy&rdquo;) sets the roles, responsibilities and methodology for appropriate
identification, assessment and management of fraud risks, as well as for the prevention, detection, investigation and remediation
of any potential acts of fraud that could be perpetrated as part of the Companies&rsquo; activities or against them. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-transform: uppercase; color: #17365D"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">.<FONT STYLE="color: #17365D"><B>SCOPE
OF APPLICATION</B></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">3.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">This Policy applies to
Telecom Argentina S.A. (&ldquo;Telecom Argentina&rdquo;), and its directly or indirectly controlled companies, whose Boards approve
and adopt this Policy, hereinafter collectively referred to as &ldquo;the Companies&rdquo; or &ldquo;the Telecom Argentina Group&rdquo;
or &ldquo;the Group&rdquo;.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 34pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-transform: uppercase; color: #17365D"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #002060"><B>PERSONS TO WHOM THIS
POLICY IS DIRECTED</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">4.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The persons to whom this
Policy is directed, for whom these provisions are mandatory, are all the members of the Board of Directors, the Supervisory Committee,
the CEO, Directors, Managers and other personnel, regardless of their mode of contract or employment (hereinafter, all of the abovementioned
persons individually and collectively referred to as &ldquo;the Personnel&rdquo;), of each of the Companies, any Third Parties
acting for or on behalf of the Companies, and any suppliers, contractors and service providers. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">4.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Any reference in this
Policy to compliance with Personnel duties, attitudes and behaviors towards the Company, shall mean the duties, attitudes and behaviors
of Personnel with regard to each and every Company of the Telecom Group. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 41.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_028.jpg" ALT=""></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">4.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">This Policy, once approved
by the Board, shall have the same rank, enforceability and distribution as the Code of Ethics and Conduct of the Telecom Argentina
Group.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 34pt; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white; color: #17365D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt; text-transform: uppercase"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>DEFINITIONS </B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 35.45pt; text-align: justify">For purposes of this Policy:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">5.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #222222">&ldquo;<B>Fraud</B>&rdquo;
means any behavior, whether by action or intentional omission, intended to gain, through scheme, deceit or abuse of trust, an undue
advantage, that causes damage to the Companies. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">5.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&ldquo;<B>Irregularities</B>&rdquo;
means any acts that intentionally violate the Group&rsquo;s internal standards or its Code of Ethics and Conduct, if carried out
with the intention to damage the Companies, the Personnel or a third party, or to gain an undue advantage for the perpetrator,
any member of the Personnel or a third party. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 34pt; text-align: justify; background-color: white; color: #222222">Additionally,
an Irregularity will be deemed to exist when the behavior derives from recklessness, negligence or gross imprudence, or from noncompliance
with rules or duties, when the action or omission leads to an undue advantage or benefit for the perpetrator or third parties,
and/or causes damage to the Companies.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 34pt; text-align: justify; background-color: white; color: #222222">This
Policy is intended to prevent and, if applicable, penalize any actions that qualify as Fraud and Irregularities.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-align: justify">Fraud and Irregularities are
categorized in the following types, depending on the subject involved:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">5.2.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Internal</B>: Activity
of one or more members of the Personnel. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">5.2.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>External</B>: Activity
of one or more parties external to the Companies.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">5.2.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Mixed</B>: Activity
of one or more external parties and one or more members of the Personnel. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white; color: #17365D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-transform: uppercase; background-color: lightgrey"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>RELATED RULES, REGULATIONS AND INTERNAL
STANDARDS </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">6.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The preventive strategy
focused on risk mitigation shall take into account external, internal and individual risk factors involving the risk of Fraud and
Irregularities, i.e., all facts, circumstances, incentives, opportunities or attitudes which, by themselves or collectively, may
favor or determine the perpetration of Fraud or Irregularities. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 34pt; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">6.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Framework COSO 2013 (Committee
of Sponsoring Organizations of the US Treadway Commission), its components and principles, and their relation to the principles
of Fraud risk management.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">6.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">US Securities &amp; Exchange
Commission: Legal and regulatory requirements applicable in terms of Anti-Fraud policies.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">6.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The Companies&rsquo; Internal
Regulations of the Anti-Fraud Framework, including a set of clauses at various levels, and mainly based on prevention, detection,
management, communication and monitoring of Fraud and Irregularities. Said framework regulations comprise and interact with the
following elements: </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 34pt; text-align: justify; background-color: white">&nbsp;</P>


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    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_028.jpg" ALT=""></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">6.4.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Code of Ethics and Conduct
of the Telecom Argentina Group</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">6.4.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Anti-Corruption Policy</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">6.4.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Conflict of Interest Policy</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">6.4.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Enterprise Risk Management
(ERM) Policy</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">6.4.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Physical and IT Asset
Security and Preservation Policy</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">6.4.6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Section 404 of the Sarbanes-Oxley
Act </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">6.4.7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Authorization System in
force (RAV)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">6.4.8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Segregation of Duties
System (GRC)</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white; color: #17365D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-transform: uppercase"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FRAUD MANAGEMENT ROLES</B></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">7.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>All Employees</B> of the Telecom Group are responsible for being
familiarized with and having a full understanding of the Anti-Fraud Policy and the Fraud Management Standard Procedure, adhering
in all their behaviors to the values and guidelines set in the Code of Ethics and Conduct, knowing the actions that could constitute
Fraud or Irregularities, executing all controls under their responsibility, reporting suspicious incidents, and cooperating with
any ensuing investigations.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 34pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt; color: windowtext">7.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Management</B> shall have the primary responsibility for establishing
and monitoring all aspects of the identification and assessment of the risks of Fraud and Irregularities and the activities of
prevention, detection, management and remediation or correction resulting from the assessment of specific risks in their areas.
Additionally, Management is responsible for ensuring that any internal or external Fraud and Irregularities detected are duly reported
for investigation and, if applicable, for applying the relevant penalties or reporting them to the competent authorities, when
pertinent. Additionally, Management shall provide the information that the Internal Audit or Corporate Security Departments may
require for the investigation of cases. </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; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">7.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Corporate Security:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.3.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Lead and prepare the Framework
of Standards, Procedures and external Anti-Fraud Control Environment associated with the delivery of products and services, for
both the wholesale and the retail markets. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.3.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Identify and assess risks
appropriately, and determine an adequate program for their prevention, detection, mitigation and investigation, as well as ensuring
that any relevant cases are addressed. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.3.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Follow up the implementation
of the remediation plans by the Management.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.3.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Prepare a regular report
of Fraud and external Irregularities identified and addressed, and escalate them to the Persons responsible in the Organization.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">7.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Compliance:</B></FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_028.jpg" ALT=""></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.4.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Establish an adequate
control environment, promoting an ethical business management culture, and coordinate the implementation of anti-fraud policies
and procedures. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.4.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Take part in the process
of Fraud risk identification and assessment, and in the monitoring of effective implementation of the action plans designed for
remediation. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.4.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Encourage a criterion
of self-assessment of Fraud risk for an efficient practice of prevention and control in everyday activities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.4.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Require, when deemed necessary,
specific information about certain cases and/or the reporting of facts that constitute external or internal risks. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.4.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Establish a plan of communication
to promote an anti-fraud culture and raise awareness with employees of the importance of preventing, detecting and reporting Fraud
and Irregularity situations. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">7.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Risk Management:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.5.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Carry out the coordination
of the Fraud risk assessment and mapping process, as part of the ERM system, with the support and collaboration of Compliance and
Corporate Security areas. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt; color: windowtext">7.6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Internal Audit:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.6.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Periodically assess the
Policy, based on the effectiveness of controls and Fraud events reported. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.6.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Manage and address any
reports received over the website www.telecom-denuncias.com.ar (as defined in the Code of Ethics and Conduct and in the Fraud Management
Procedure) and investigate any cases associated with internal fraud.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.6.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Submit a regular report
of relevant cases to the Audit Committee, which has exclusive competence for resolving Fraud cases involving accounting, internal
control or audit issues. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.6.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Check the implementation
of action plans to ensure that corrective actions are applied once Fraud is detected in order to mitigate its effects. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.6.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Include in the annual
Internal Audit Plan the necessary testing procedures aimed at detecting any Fraud and/or Irregularity red flags. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">7.7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Audit Committee: </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.8pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">7.7.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Monitor the application
of the Company&rsquo;s risk management reporting policy, including Fraud risks. As such, the Audit Committee shall have all the
responsibilities and powers granted to it by legislation and internal standards, with sufficient powers to carry out the actions
that the Audit Committee deems appropriate.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_028.jpg" ALT=""></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white; color: #17365D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-transform: uppercase"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>TYPES OF FRAUD AND IRREGULARITIES</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 34pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">8.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">There are potentially
infinite types of Fraud and Irregularities, which may be categorized in classes that include, but are not limited to, the following:
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.2pt"></TD><TD STYLE="width: 5.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">8.1.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Asset Misuse: </B>Theft
or misuse of the Companies&rsquo; assets. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.2pt"></TD><TD STYLE="width: 5.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">8.1.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Accounting or Financial
Fraud: </B>Alteration, distortion or misrepresentation of the Companies&rsquo; accounts and records in a way that they do not reflect
the actual value of operations and transactions conducted, or are misleading as to the Companies&rsquo; financial and/or equity
position. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.2pt"></TD><TD STYLE="width: 5.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">8.1.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Money Laundering: </B>Action
intended to legitimize the proceeds from illegal activity, concealing their true origin. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.2pt"></TD><TD STYLE="width: 5.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">8.1.4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Non-Financial Fraud
(when the undue benefit pursued is not an economic gain): </B>Forgery or manipulation of documents, for personal benefit. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.2pt"></TD><TD STYLE="width: 5.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">8.1.5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Intellectual Property
Violation: </B>Illegal copy and distribution of counterfeit goods or data, including trademark, patent and reserved rights infringement.
It includes the illegal acquisition of other companies&rsquo; trade secrets or proprietary information. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.2pt"></TD><TD STYLE="width: 5.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">8.1.6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Misuse and violation
of insider information standards</B>: Failure to preserve the confidentiality of the restricted strategic and privileged information
of the Companies, causing damage to the Companies. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.2pt"></TD><TD STYLE="width: 5.7pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 10pt">8.1.7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Telco-Specific Fraud:
</B>Fraud involving telecommunication service providers. The parties damaged by this type of fraud are not only telecommunication
companies but also, and frequently, customers or users. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white; color: #17365D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt; text-transform: uppercase"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>PENALTIES FOR NON-COMPLIANCE</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">9.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Any violations of this
Policy, the Internal Procedures mentioned in this Policy and any applicable regulations will make the Companies&rsquo; Personnel
personally liable for any direct or consequential damage whatsoever caused by said violation to the Company and/or the Telecom
Argentina Group, including the demand for immediate return of any economic benefit that is unduly obtained. Such violations will
be considered a serious breach of employee duties, which depending on the circumstances, may lead to termination of employment.
Additionally, those responsible will be subject to the penalties set forth in the legislation, collective labour agreements and
contracts. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">9.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">As regards any Third Parties
involved, the penalties set forth in the General Contract Terms and Conditions will apply. </FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_028.jpg" ALT=""></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 34pt; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white; color: #17365D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt; text-transform: uppercase"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>POLICY APPROVAL</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt">10.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Any changes to this Policy
shall be approved by the Board of Directors of each of the Companies, in agreement with the Board of Directors of Telecom Argentina,
in order to keep a consistent Anti-Fraud Policy for all the Companies. The Internal Procedures mentioned in this Policy will be
approved and, if applicable, modified by the CEO of the Telecom Argentina Group. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></P>



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